Excellon Resources (EXNRF) 20-F 22 Apr 22 2021 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2021shares
Entity Addresses [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-39491
Entity Registrant Name	Excellon Resources Inc.
Entity Central Index Key	0001263011
Entity Incorporation, State or Country Code	A6
Entity Address, Address Line One	10 King Street East
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M5C 1C3
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	EXN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	33,763,330
ICFR Auditor Attestation Flag	false
Entity Accounting Standard	International Financial Reporting Standards
Auditor Firm ID	271
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Toronto, Canada
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	10 King Street East
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M5C 1C3
Contact Personnel Name	Brendan Cahill
Contact Personnel Email Address	info@excellonresources.com

Consolidated Statements of Fina

Consolidated Statements of Financial Position $ in Thousands, $ in Thousands		Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Current assets
Cash and cash equivalents		$ 4,071	$ 8,380
Marketable securities and warrants		454	2,350
Trade receivables		326	1,782
VAT recoverable		3,439	5,573
Inventories		2,087	2,375
Other current assets		1,866	1,333
Total current assets		12,243	21,793
Non-current assets
Property, plant and equipment		9,044	25,830
Mineral rights		20,273	20,511
Deferred tax assets			5,145
Total assets	[1]	41,560	73,279
Current liabilities
Trade and other payables		8,143	8,172
VAT payable		1,839	3,415
Lease liabilities		212	405
Provision for litigation		22,162
Provisions		1,795
Total current liabilities		34,151	11,992
Non-current liabilities
Convertible debentures		9,238	7,283
Provisions		1,813	2,208
Deferred tax liabilities		612	929
Lease liabilities		233	425
Total liabilities		46,047	22,837
Shareholders’ (deficit) equity
Share capital		138,961	136,199
Contributed surplus		34,568	34,015
Accumulated other comprehensive loss		(15,851)	(15,380)
Deficit		(162,165)	(104,392)
Total shareholders’ (deficit) equity		(4,487)	50,442
Total liabilities and equity		$ 41,560	$ 73,279
[1]	Certain comparative period balances related to deferred income tax have been reallocated between segments to conform with the current period allocation. As a result, total assets for Mexico and Corporate as at December 31, 2020, previously reported as $ 63,062 10,217 40,897 32,382

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Profit or loss [abstract]
Revenue	$ 37,955	$ 26,202	$ 26,469
Production costs	(26,207)	(19,981)	(23,216)
Depletion and amortization	(7,300)	(4,649)	(4,708)
Cost of sales	(33,507)	(24,630)	(27,924)
Gross profit (loss)	4,448	1,572	(1,455)
Administrative expenses	(4,700)	(4,630)	(3,448)
Share-based payment expenses	(1,542)	(1,875)	(1,102)
Amortization	(447)	(391)	(272)
General and administrative expenses	(6,689)	(6,896)	(4,822)
Exploration and holding expenses	(7,194)	(4,032)	(3,853)
Other (expenses) income	(758)	(373)	782
Provision for litigation	(22,282)
Impairment loss	(16,540)
Finance (expenses) income	(3,680)	(2,508)	295
Loss before income taxes	(52,695)	(12,237)	(9,053)
Income tax expense	(5,078)	(3,783)	(1,022)
Net loss	(57,773)	(16,020)	(10,075)
Items that may be reclassified subsequently to profit and loss:
Foreign currency translation differences	(471)	(2,374)	2,116
Total other comprehensive (loss) income	(471)	(2,374)	2,116
Total comprehensive loss	$ (58,244)	$ (18,394)	$ (7,959)
Loss per share
Basic and diluted	$ (1.77)	$ (0.55)	$ (0.49)
Weighted average number of shares
Basic and diluted	32,662,594	28,881,800	20,674,866

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flow generated by (used in) Operating activities
Net loss for the period	$ (57,773)	$ (16,020)	$ (10,075)
Adjustments for non-cash items:
Depletion and amortization	7,747	4,971	4,941
Income tax expense	5,078	3,783	89
Share-based payment expenses	1,542	1,799	1,099
Write down of materials and supplies	759
Interest and accretion expense	4,748	2,175	86
Unrealized loss on currency hedges	21	426	368
Loss on disposal of mineral rights		188	104
Unrealized gain on warrant liability			(323)
Fair value loss (gain) on marketable securities and purchase warrants	933	(712)	(290)
Discount on shares issued to settle payables		196
Provision for litigation	22,282
Impairment loss	16,540
Taxes paid	(225)	(539)	(313)
Operating cash flows before changes in working capital	1,652	(3,733)	(4,314)
Changes in non-cash working capital
Trade receivables	1,369	496	(351)
VAT recoverable	2,023	(1,539)	(736)
Inventories	(579)	230	(261)
Other assets	(685)	(55)	219
Trade and other payables	(173)	3,364	1,340
VAT payable	(1,526)	1,488	256
Net cash generated by (used in) operating activities	2,081	251	(3,847)
Investing activities
Proceeds from sale of marketable securities	999
Purchase of property, plant and equipment	(7,182)	(8,341)	(5,726)
Purchase of mineral rights	(154)	(148)	(76)
Transaction costs paid on acquisition of Otis Gold Corp.		(1,723)
Payments received under earn-in agreement	75
Loan to Otis Gold Corp., net of cash received on acquisition		(304)
Net cash used in investing activities	(6,262)	(10,516)	(5,802)
Financing activities
Proceeds from issuance of Convertible Debt		12,762
Proceeds from Credit Facility		5,871
Repayment of Credit Facility		(6,000)
Proceeds on issuance of shares from equity financing			7,982
Proceeds from options and warrants exercised	36	380	721
Lease payments	(397)	(360)	(334)
Interest paid	(86)	(423)	(30)
Net cash (used in) from financing activities	(447)	12,230	8,339
Effect of exchange rate changes on cash and cash equivalents	319	71	1,237
Change in cash and cash equivalents	(4,309)	2,036	(73)
Cash and cash equivalents - beginning of year	8,380	6,344	6,417
Cash and cash equivalents - end of year	$ 4,071	$ 8,380	$ 6,344

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Issued capital [member]	Revaluation surplus [member]	Accumulated other comprehensive income [member]	Retained earnings [member]	Total
Balance at Dec. 31, 2018	$ 106,786	$ 26,811	$ (15,122)	$ (78,297)	$ 40,178
IfrsStatementLineItems [Line Items]
Net loss for the period				(10,075)	(10,075)
Total other comprehensive loss			2,116		2,116
Total comprehensive loss			2,116	(10,075)	(7,959)
Value of services recognized		406			406
Proceeds on issuing shares	38				38
Value of units recognized	246	434			680
Value of warrants issued in Bought Deal		1,079			1,079
Proceeds on issuing shares	699				699
Value of shares issued in asset acquisition	169				169
Value of shares issued in Bought Deal	6,903				6,903
Balance at Dec. 31, 2019	114,840	28,730	(13,006)	(88,372)	42,192
IfrsStatementLineItems [Line Items]
Net loss for the period				(16,020)	(16,020)
Total other comprehensive loss			(2,374)		(2,374)
Total comprehensive loss			(2,374)	(16,020)	(18,394)
Value of services recognized		469			469
Proceeds on issuing shares	602	(230)			372
Value of units recognized		182			182
Proceeds on issuing shares	8	(2)			6
Value of shares issued in asset acquisition	246				246
Acquisition of Otis Gold Corp.	16,370	594			16,964
Shares issued as part of Credit Facility	180				180
Shares issued to settle payables	1,738				1,738
Shares issued on exercise of RSUs and DSUs	1,627	(479)			1,148
Value of warrants issued with Convertible Debentures		1,001			1,001
Value of conversion options on Convertible Debentures		3,750			3,750
Interest payable settled with shares	588				588
Balance at Dec. 31, 2020	136,199	34,015	(15,380)	(104,392)	50,442
IfrsStatementLineItems [Line Items]
Net loss for the period				(57,773)	(57,773)
Total other comprehensive loss			(471)		(471)
Total comprehensive loss			(471)	(57,773)	(58,244)
Value of services recognized		475			475
Proceeds on issuing shares	54	(18)			36
Value of units recognized		1,066			1,066
Value of shares issued in asset acquisition	305				305
Shares issued on exercise of RSUs and DSUs	970	(970)
Interest payable settled with shares	1,433				1,433
Balance at Dec. 31, 2021	$ 138,961	$ 34,568	$ (15,851)	$ (162,165)	$ (4,487)

GENERAL INFORMATION

GENERAL INFORMATION	12 Months Ended
	Dec. 31, 2021
General Information
GENERAL INFORMATION	1. GENERAL INFORMATION Excellon Resources Inc. (the “Company” or “Excellon”) is a silver mining and exploration company listed on the Toronto Stock Exchange (the “TSX”), NYSE American LLC Exchange (the “NYSE American”) under the symbol EXN and the Frankfurt Stock Exchange under the symbol E4X2. Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of employees, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Platosa, a high-grade silver mine producing in Mexico since 2005; Kilgore, an advanced gold exploration project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company also aims to continue capitalizing on current market conditions by acquiring undervalued projects. On April 2, 2020, the Company announced a temporary suspension of mining, milling and exploration activities at its Mexican operations in accordance with the Mexican Presidential Order to mitigate the spread of COVID-19 (the “Suspension”). The Suspension impacted all industries considered non-essential across Mexico. For the Company, the Suspension resulted in the suspension of mining operations, though essential care and maintenance activities required at the Company’s operations were permitted to continue. At Platosa, such essential care and maintenance included ongoing labour costs and water pumping to maintain water levels of the mine, incurring a cost during the Suspension of approximately $ 3,300 On April 22, 2020, the Company completed the acquisition of Otis Gold Corp. (“Otis”) by way of a statutory plan of arrangement resulting in Otis becoming a wholly-owned subsidiary of Excellon. In September 2020, the Company completed a consolidation of its common shares at a ratio of five pre-consolidation common shares for one post-consolidation common share effective September 10, 2020, and the listing of its common shares on the NYSE American, LLC exchange effective September 23, 2020. As a result of the consolidation, shares issuable pursuant to the Company’s outstanding options, warrants, restricted share units and other convertible securities were proportionally adjusted on the same basis. All common share numbers, numbers of shares issuable under stock options, warrants and restricted share units and related per share amounts in these consolidated financial statements have been retrospectively adjusted to reflect the share consolidation. Excellon is domiciled in Canada and incorporated under the laws of the province of Ontario. The address of its registered office is 10 King Street East, Suite 200, Toronto, Ontario, M5C 1C3, Canada. These consolidated financial statements were approved by the Board of Directors on April 22, 2022.

BASIS OF PRESENTATION AND GOING

BASIS OF PRESENTATION AND GOING CONCERN	12 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION AND GOING CONCERN	2. BASIS OF PRESENTATION AND GOING CONCERN These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared under the historical cost method, except for certain financial instruments measured at fair value. The accounting policies set out below were consistently applied to all periods presented. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) On January 5, 2022, the Company announced that it was assessing the economic viability of mining at Platosa at achievable dewatering rates and with acceptable capital expenditures, beyond mid-2022. The mineral resources remaining beyond mid-2022 steepen significantly, with fewer vertical-tonnes-per-metre than historically encountered. Underground and surface drilling continued throughout Q1 2022; however, based on the recent drilling results and consideration of current and expected economic factors, the Company expects to wind down operations at Platosa during Q3 2022, subject to results from ongoing exploration programs. In addition, the Company has incurred recurring losses from operations, has a shareholders’ deficit of $ 4,487 21,908 22,162 As indicated in Note 18, the Company is also party to a legal claim (the “Judgment”) against San Pedro Resources SA de CV (“San Pedro”). The Provision for litigation has adversely impacted the Company’s Consolidated Statement of Financial Position. The Judgment is solely against San Pedro Resources SA de CV (“San Pedro”) as defendant and the Company believes that the Plaintiff has no recourse against the Company’s other assets in Mexico (including Platosa), Idaho, Saxony or Canada. San Pedro continues to operate in the ordinary course and there is currently no impact to the operation of the Company’s business. The Company’s assets in Mexico, including those held in San Pedro, are security for the Debentures (Note 15). The Company does not consider the Judgment and actions taken by the Plaintiff to date in connection with enforcing the Judgment to constitute an event of default or default under the trust indenture governing the outstanding Debentures (the “Indenture”). An event of default under the Indenture, if not cured or waived, could result in the acceleration of all the Company’s debt under the Debentures and could materially and adversely affect the Company’s future operations, cash flows, earnings, results of operations, financial condition and the economic viability of its projects. On March 7, 2022 the Company reported that the Sindicato Nacional Minero Metalúrgico (the “Platosa Union”) commenced a labour action at the Platosa Mine in Durango, Mexico. Despite an agreement in principle on the terms of the 2022 collective bargaining arrangement following numerous concessions, the agreement was reneged on, and despite additional concessions, a labour action was ordered. On April 1, 2022 the labour action was resolved. The Company is considering various financing, corporate development opportunities and strategic alternatives that may include acquisitions, divestitures, mergers or spin-offs of the Company’s or third parties’ assets, as applicable. These conditions indicate the existence of material uncertainties that cast substantial doubt on the Company’s ability to realize its assets and discharge its liabilities in the normal course of business and, accordingly, the appropriateness of the use of accounting principles applicable to a going concern. The Company’s ability to continue as a going concern is dependent on its ability to repay or refinance its non-current Debentures, obtain the necessary financing to advance its exploration projects and meet its ongoing corporate overhead costs. Although the Company has been successful in obtaining debt or equity financing in the past, there is no assurance that it will be able to do so in the future or that such arrangements will be on terms advantageous to the Company. These consolidated financial statements are prepared on a going concern basis which assumes that the Company will continue for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. Accordingly, these consolidated financial statements do not include adjustments to the recoverability and classification of recorded asset and liabilities and related expenses that might be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and liquidate its liabilities and commitments in other than the normal course of business at amounts different from those in the accompanying consolidated financial statements. Such adjustments could be material. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data)

USE OF ESTIMATES AND JUDGEMENTS

USE OF ESTIMATES AND JUDGEMENTS	12 Months Ended
	Dec. 31, 2021
USE OF ESTIMATES AND JUDGEMENTS	3. USE OF ESTIMATES AND JUDGEMENTS Estimates are continuously evaluated and are based on management’s experience and expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. The preparation of the consolidated financial statements requires management to make estimates and judgements that may have a significant impact on the consolidated financial statements. Critical judgements exercised in applying accounting policies and key sources of estimation uncertainty that have the most significant effect on the amounts recognized in the consolidated financial statements are as follows: ● Indicators and testing of impairment ● Decommissioning and site rehabilitation provision - the Company records any decommissioning and site rehabilitation obligation as a liability in the period in which the related environmental disturbance occurs, based on the present value of the estimated future costs. This obligation is adjusted at the end of each reporting period to reflect the passage of time and changes in the estimated future costs underlying the obligation. In determining this obligation, management must make a number of assumptions about the amount and timing of future cash flows and discount rate to be used. ● Determination of resources - the Company uses both internal and external technical experts to estimate the indicated and inferred resources of its mineral properties. These experts express an opinion based on certain technological and legal information prepared by management as being current, complete and accurate as of the date of their calculations and in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. These estimated resources are used in the evaluation and testing for impairment of asset carrying values, the useful lives of assets, amortization rates and the timing of cash flows. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) ● Income taxes and recovery of deferred tax assets - The Company has carry-forward losses and other tax attributes that have the potential to reduce tax payments in future years. Judgement is required in determining whether deferred tax assets are recognized in the consolidated financial statements. Deferred tax assets are recognized for all deductible temporary differences, carry-forward unused tax credits and tax losses to the extent it is probable that future taxable profits will be available against which they can be utilized. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws as well as the continuity of current contracts and agreements. Assumptions about the generation of future taxable profits depend on management’s estimates of future cash flows. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred tax assets recorded at the reporting date could be impacted. Uncertainties exist with respect to the interpretation of tax regulations. The Company establishes provisions for tax liabilities that are uncertain as to their amount and the probability of their occurrence. The amount of such provisions is based on various factors, such as experience with previous tax audits, differing legal interpretations by the taxable entity and the responsible tax authority. The final resolution of some of these items may give rise to a material change in the amount of the income tax expense recorded in the consolidated statement of comprehensive income (loss) and related tax payments. ● Convertible debentures - The net proceeds from the Debentures issued in 2020 were allocated between debt and equity components. On initial recognition the fair value of the debt was estimated using valuation techniques. The Company used its judgement to make assumptions that were mainly based on market conditions existing at the date of the transaction. For details of the key assumptions used see Note 15. The Company does not consider the Judgment and actions taken by the Plaintiff to date in connection with enforcing the Judgment to constitute an event of default or default under the Indenture.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES	4. SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. (a) Consolidation i. Subsidiaries - are entities controlled by the Company where control is achieved when the Company has the power to govern the financial and operating policies of the entity. The Company owns directly and indirectly 100% (Revised) Business Combinations ii. Transactions eliminated on consolidation - intercompany transactions, balances, income and expenses are eliminated in preparing the consolidated financial statements. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) (b) Foreign currency transactions and translation i. Transactions and balances - foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Company’s consolidated statements of comprehensive income (loss). All foreign exchange gains and losses are presented in the consolidated statement of comprehensive income (loss) within other expense. ii. Translation - the results and financial position of all the Company entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: ● Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; ● Income and expenses for each statement of comprehensive income (loss) are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and ● All resulting exchange differences have been recognized in other comprehensive income (loss) and accumulated as a separate component of equity. (c) Cash and Cash equivalents and restricted cash Cash and cash equivalents consist of cash on hand, bank deposits and highly liquid short-term investments with a maturity date of three months or less when acquired. Restricted cash comprises cash deposited with banks, used to guarantee letters of credit issued by the Company. (d) Financial instruments Financial assets Routine purchases and sales of financial assets are recognized on trade date, the date on which the Company commits to purchase or sell the asset. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the consolidated statement of comprehensive income (loss). Subsequent measurement of debt instruments depends on the classification of financial assets determined at initial recognition. Classification of financial assets depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. The Company classifies and provides for financial assets as follows: ● Financial assets at fair value through profit or loss Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) ● Financial assets at fair value through other comprehensive income ● Financial assets at amortized cost At each balance sheet date, the Company assesses the expected credit losses associated with its financial assets carried at amortized cost and fair value through other comprehensive income. The impairment methodology applied depends on whether there has been a significant increase in credit risk. When sold or impaired, any accumulated fair value adjustments previously recognized are included in the consolidated statement of comprehensive income (loss). For trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. Derivative financial instruments The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations in commodity prices, including the Company’s final product, consumables and other currencies compared to the USD. Derivative financial instruments are measured at fair value at each reporting period. Non-hedged derivative financial instruments All derivative instruments not designated in a hedge relationship that qualifies for hedge accounting are classified as financial instruments at fair value through profit or loss. Changes in fair value of non-hedged derivative financial instruments are included in the consolidated statement of comprehensive income (loss) as non-hedged derivative gains or losses. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Financial liabilities Transaction costs associated with financial instruments, carried at fair value through profit or loss, are expensed as incurred, while transaction costs associated with all other financial instruments are included in the initial carrying amount of the asset or the liability. The amortization of debt issue costs is calculated using the effective interest method. (e) Inventories Silver-lead and silver-zinc in concentrate and ore stockpiles are physically measured or estimated and valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price, less estimated costs of completion and costs of selling final product. Cost is determined by the weighted average method and comprises direct purchase costs and an appropriate portion of fixed and variable overhead costs, including amortization, incurred in converting materials into finished goods. The cost of production is allocated to joint products using a ratio of weighted average volume by product at each month end. Separately identifiable costs of conversion of each metal concentrate are specifically allocated. Materials and supplies are valued at the lower of cost or net realizable value. Any provision for obsolescence is determined by reference to specific items. A regular review is undertaken to determine the extent of any provision for obsolescence by comparing items to their replacement costs. When inventories have been written down to net realizable value, the Company makes a new assessment of net realizable value in each subsequent period. If the circumstances that caused the write-down no longer exist, the remaining amount of the write-down is reversed. (f) Property, plant and equipment Property, plant and equipment are carried at cost less accumulated amortization and any impairment charges. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate assets (major components) of property, plant and equipment. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in the consolidated statement of comprehensive income (loss) as incurred. Amortization is recorded over the useful life of the asset, or over the remaining life of the mine, if shorter, as follows: ● Mining properties – on a units-of-production basis; ● Associated mining equipment – 3 10 years ● Buildings – 20 years ● Processing equipment – 4 8 years Amortization charges on a unit-of-production basis are based on measured and indicated mineral resources. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) The method of amortization, estimates of residual values and useful lives are reassessed at least at each financial year-end, and any change in estimate is taken into account in the determination of future amortization charges. (g) Exploration and evaluation expenditures Acquisitions of mineral rights are capitalized. Subsequent exploration and evaluation costs related to an area of interest are expensed as incurred on a project-by-project basis. When a licence is relinquished or a project is abandoned, the related costs are immediately recognized in the consolidated statement of comprehensive income (loss). Exploration properties that contain estimated Proven and Probable Mineral Reserves, but for which a development decision has not yet been made, are subject to periodic review for impairment when events or changes in circumstances indicate the project’s carrying value may not be recoverable. Exploration and evaluation assets are reclassified to “Mine Properties - Mines under construction” when the technical feasibility and commercial viability of extracting the Mineral Resources or Mineral Reserves are demonstrable and construction has commenced or a decision to construct has been made. Exploration and evaluation assets are assessed for impairment before reclassification to “Mines under construction”, and the impairment loss, if any, is recognized in the consolidated statement of comprehensive income (loss). (h) Development expenditure Development expenditures incurred by or on behalf of the Company are accumulated separately for each property in which an indicated resource has been identified. Such expenditures comprise costs directly attributable to the construction of a mine and the related infrastructure. General and administrative costs are allocated to a development asset only to the extent that those costs can be related directly to development activities in the relevant area of interest. Once a development decision has been taken, the development expenditure is classified under property, plant and equipment as ‘‘development properties’’. A development property is reclassified as a “mining property’’ at the end of the commissioning phase, when the mine is capable of operating in the manner intended by management. No amortization is recognized in respect of development properties until they are reclassified as “mining properties’’. Each development property is tested for impairment in accordance with the Company’s impairment policy. (i) Mining properties When further development expenditures are incurred in respect of a mining property after the commencement of production, such expenditures are carried forward as part of the mining property when it is probable that additional future economic benefits associated with the expenditure will flow to the consolidated entity. Otherwise, such expenditures are classified as a cost of production. Amortization is charged using the units-of-production method. The units-of-production basis results in an amortization charge proportional to the depletion of measured and indicated resources. Mine properties are tested for impairment in accordance with the Company’s impairment policy. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) (j) Decommissioning and site rehabilitation provision The Company records the present value of estimated costs of legal and constructive obligations required to restore operating locations in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures, rehabilitating mines and tailings dams, dismantling operating facilities, closure of plant and waste sites, and restoration, reclamation and re-vegetation of affected areas. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a discount rate that reflects the current market assessments of the time value of money. When the liability is initially recognized, the present value of the estimated cost is capitalised by increasing the carrying amount of the related mining asset. The periodic unwinding of the discount applied in establishing the net present value of provisions due to the passage of time is recognized in the consolidated statement of comprehensive income (loss) as a finance cost. Changes in the rehabilitation estimate attributable to development will be recognized as additions or charges to the corresponding assets and rehabilitation liability when they occur. (k) Mineral Rights Mineral rights are carried at cost and amortized using a units-of-production method based on the resources that exist in the location that has access to such rights. Methods of amortization and estimated useful lives are reassessed annually and any change in estimate is taken into account in the determination of future amortization charges. (l) Impairment i. Financial assets - a financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. ii. Non-financial assets - the carrying amounts of the Company’s non-financial assets, primarily property, plant and equipment and mineral rights, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, recoverable amount is estimated at the higher of the value-in-use and FVLCD. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into CGUs, the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets. An impairment loss is recognized if the carrying amount of an asset or the CGU exceeds its estimated recoverable amount. Impairment losses are recognized in the consolidated statement of comprehensive income (loss). Impairment losses recognized in respect of the CGU are allocated to reduce the carrying amount of assets in the CGU on a pro rata basis. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Non-financial assets that have been impaired in prior periods are tested for possible reversal of impairment whenever events or changes in circumstances indicate that the impairment has reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount but not beyond the carrying amount that would have been determined had no impairment loss been recognized for the asset in the prior periods. A reversal of an impairment loss is recognized in the consolidated statement of comprehensive income (loss). (m) Future Termination Benefits Employees of the Company’s Mexican operations are entitled under local labour laws to employee departure indemnities, generally based on each employee’s length of service, employment category and remuneration. The cost of these retirement benefits is determined using the projected unit credit method. Current service cost and any past service cost are recognized in the same line item in the consolidated statement of comprehensive income (loss) as the related compensation cost. The most significant assumptions used in accounting for post employment benefits are the discount rate, turnover rate, salary and wage rate increase and the life of mine. The unwinding of the discount on these liabilities is charged to the Company’s consolidated statement of comprehensive income (loss) as interest cost. The values attributed to the liabilities are assessed in accordance with the advice of independent qualified actuaries. (n) Current and deferred income tax The tax expense for the period is comprised of current and deferred tax. Tax is recognized in the consolidated statement of comprehensive income (loss), except to the extent that it relates to items recognized in other comprehensive income (loss) or directly in equity. The current income tax charge is calculated on the basis of the tax laws substantively enacted at the balance sheet date in the countries where the Company’s entities operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Where appropriate, the Company establishes provisions expected to be paid to the tax authorities. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is provided on temporary differences arising on investments in subsidiaries except in the case of a subsidiary where timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined on a non discount basis using tax rates (and laws) that have been substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. In assessing the need to recognize a deferred tax asset, management considers all available evidence including past operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. The Company recognizes neither the deferred tax asset regarding the temporary difference on the rehabilitation liability, nor the corresponding deferred tax liability regarding the temporary difference on the rehabilitation asset. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. i. Royalties - royalties, resource rent taxes and revenue-based taxes are accounted for under taxes when they have the characteristics of an income tax. This is considered to be the case when they are imposed under Government authority and the amount payable is based on taxable income – rather than based on quantity produced or as a percentage of revenue – after adjustment for temporary differences. For such arrangements, current and deferred tax is provided on the same basis as described above for other forms of taxation. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current provisions and included in cost of sales. The 7.5% 0.5% (o) Share-based payments i. Share option plan - employees (including directors and senior executives) of the Company receive a portion of their remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (“equity-settled transactions”). In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the Company, as consideration cannot be specifically identified, they are measured at fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received. ii. Equity-settled transactions - the costs of equity-settled transactions with employees are measured by reference to the fair value at the date on which they are granted using the Black-Scholes option-pricing model. The costs of equity-settled transactions are recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (“the vesting date”). The cumulative expense is recognized for equity-settled transactions at each reporting date until the vesting date reflects the Company’s best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and the corresponding amount is represented in contributed surplus. No expense is recognized for awards that do not ultimately vest. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Where the terms of an equity-settled award are modified, the minimum expense recognized is the expense as if the terms had not been modified. An additional expense is recognized for any modification, which increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee as measured at the date of modification. The dilutive effect of outstanding options is reflected as additional dilution in the computation of earnings per share. iii. Cash-settled transactions - a Deferred Share Unit (“DSU”) Plan was established for directors of the Company. The cost of the DSUs is measured initially at fair value based on the closing price of the common shares preceding the day the DSUs are granted. The Company has the option of settling the DSUs in cash or common shares either from treasury or from market purchases. Accordingly, the expense is recorded in the consolidated statement of comprehensive income (loss) as share-based payments and credited to equity under contributed surplus. A Restricted Share Unit (“RSU”) Plan was established for directors, certain employees and eligible contractors of the Company. The cost of the RSUs is measured initially at fair value on the authorization date based on the market price of the common shares preceding the day the RSUs are authorized by the Board of Directors. The Company has the option of settling the RSUs in cash or common shares either from treasury or from market purchases. Accordingly, the expense is recorded in the consolidated statement of comprehensive income (loss) in share-based payments and credited to equity under contributed surplus. (p) Revenue recognition Company policy requires all production to be sold under contract. Revenue is only recognized on individual concentrate shipments when following conditions are satisfied: ● Contracts with customers have been identified ● Performance obligations in the contract have been identified ● Transaction price is determined ● Transaction price is allocated to the performance obligations in the contract ● Performance obligation in the contract is satisfied Satisfaction of these conditions depends on the terms of trade with individual customers. Generally, control over goods are considered to have transferred to the customer upon delivery. Concentrate products are sold on a ‘provisional pricing’ basis where the sale price received by the group is subject to a final adjustment at the end of a period that may be up to three months after delivery to the customer. The final sale price is based on the market price on the quotational date in the contract of sale. Sales are initially recognized when the revenue recognition criteria have been satisfied, using market prices at that date. At each reporting date the provisionally priced shipment is marked to market based on the forward selling price for the quotational point specified in the contract until that point is reached. Revenue is only recognized on this basis where the forward selling price can be reliably measured. Many of the Company’s sales are subject to an adjustment based on confirmation of the technical specifications of each shipment by the customer. In such cases, revenue is recognized based on the group’s best estimate of the technical specifications at the time of shipment, and any subsequent adjustments are recorded against revenue when final specifications are confirmed and agreed to by both parties, as per the offtake agreement terms. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) (q) Earnings per share Basic earnings per share (“EPS”) is calculated by dividing the net income (loss) for the period attributable to equity owners by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. Excellon’s potentially dilutive common shares comprise stock options granted to employees and warrants. (r) Segment reporting The Company has two reportable segments based on a geographical basis. During the year, the Company operated in Mexico and Canada. The Mexican operation is principally engaged in the acquisition, exploration, evaluation, development and exploitation of mining properties. The Platosa property is in commercial production and is earning revenue through the sale of silver-lead concentrate and silver-zinc concentrate. The Canadian operations are principally engaged in the financing, acquisition, exploration and evaluation of mining properties. Segments are reviewed by the CEO, who is considered to be the chief operating decision maker. (s) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The assets are amortized to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. In addition, the right-of-use assets may be periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Lease payments include fixed payments, and variable payments that are based on an index or a rate. Cash payments for the principal portion of the lease liability are presented within the financing activities and the interest portion of the lease liability is presented within the operating activities of the statement of cash flows. Short-term lease payments and variable lease payments not included in the measurement of the lease liability are presented within the operating activities of the statement of cash flows. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) The lease liability is measured at amortized cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is re-measured in this way, a corresponding adjustment is either made to the carrying amount of the right-of-use asset or is recorded in the consolidated statement of comprehensive income (loss) if the carrying amount of the right-of-use asset has been reduced to zero. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for all its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying right-of-use ROU assets and lease liabilities. (t) Farm-out accounting Mineral rights held by the Company which are subject to a farm-out arrangement, where a farmee incurs certain expenditures on a property to earn an interest in that property, are accounted as follows: ● the Company does not record exploration expenditures made by the farmee on the property; ● any cash consideration and the initial fair value of any shares received is credited against the costs previously capitalized to the mineral rights; ● the change in fair value of any shares received by Company as part of a farm-out arrangement are recorded in the consolidated statement of comprehensive income (loss); and ● the Company uses the carrying value of the mineral rights before the farm-out arrangement as the carrying value for the portion of the interest retained (if any). (u) Accounting standards issued but not yet applied The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use In May 2020, the IASB issued Property, Plant and Equipment—Proceeds before Intended Use, which made amendments to IAS 16 Property, Plant and Equipment. The amendments prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use (i.e. pre-production revenue). Instead, a company will recognize such sales proceeds and related cost in the consolidated statement of comprehensive income (loss). The amendment is effective for annual periods beginning on or after January 1, 2022. The amendment is not currently applicable to the Company. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data)

ACQUISITION OF OTIS GOLD CORP

ACQUISITION OF OTIS GOLD CORP	12 Months Ended
	Dec. 31, 2021
ACQUISITION OF OTIS GOLD CORP	5. ACQUISITION OF OTIS GOLD CORP On April 22, 2020, the Company completed a plan of arrangement to acquire Otis Gold Corp. (“Otis”). Otis shareholders received 0.046 8,130,630 531,895 305,060 3.30 On closing of the Transaction, Otis assets consisted primarily of mineral properties. As Otis did not have processes capable of generating outputs, Otis did not meet the definition of a business in accordance with IFRS 3 Business Combinations The purchase price has been determined and allocated as follows: SCHEDULE OF PURCHASE PRICE OF ALLOCATION April 22, 2020 $ Purchase price Common shares of Excellon issued 16,370 Fair value of Excellon options issued 361 Fair value of Excellon warrants issued 233 Transaction costs 1,723 18,687 Assets acquired Cash 51 Tax receivables, prepaid expenses and other assets 24 Property, plant and equipment 35 Reclamation deposits 53 Right of use assets 48 Mineral rights - Oakley Project 5,332 Mineral rights - Kilgore Gold Project 13,711 Liabilities Assumed Trade payables (166 ) Convertible loan from Excellon (353 ) Current and long-term lease liabilities (48 ) 18,687 Upon completion of the Transaction, the C$ 500 856 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) The fair value of the common shares issued amounted to $ 16,370 2.85 SCHEDULE OF FAIR VALUE OF WARRANT ASSUMPTION MODEL PRICING Stock Options Warrants Exercise price C$ 1.10 7.65 C$ 3.30 Expected life (years) 0.23 4 1.9 Volatility 72.9% 87.9% 79.1 % Risk-free rate 0.66% 0.75% 0.66 %

MARKETABLE SECURITIES AND WARRA

MARKETABLE SECURITIES AND WARRANTS	12 Months Ended
	Dec. 31, 2021
Marketable Securities And Warrants
MARKETABLE SECURITIES AND WARRANTS	6. MARKETABLE SECURITIES AND WARRANTS In 2018, the Company entered into an option agreement to farm-out its Beschefer property to Wallbridge Mining Company Ltd. (“Wallbridge”, TSX:WM), receiving an initial consideration of 500,000 3,000,000 500,000 1.00 five years The Wallbridge Shares and Wallbridge Warrants are measured at fair value with changes recorded in other income/expense. During the fourth quarter of 2021, the Company sold 2,200,000 0.57 1,247 999 SCHEDULE OF FAIR VALUE OF MARKETABLE SECURITIES AND WARRANTS 2021 2020 $ $ Marketable securities at fair value Opening balance 2,138 348 Additions - 995 Disposals (999 ) - Fair value (loss) gain (766 ) 645 Exchange differences 34 150 Closing balance 407 2,138 Warrants at fair value Opening balance 212 - Additions - 128 Fair value (loss) gain (167 ) 67 Exchange differences 2 17 Closing balance 47 212 Marketable securities and warrants 454 2,350

VAT RECOVERABLE

VAT RECOVERABLE	12 Months Ended
	Dec. 31, 2021
Vat Recoverable
VAT RECOVERABLE	7. VAT RECOVERABLE VAT (value added taxes) recoverable consist of the total VAT credits recoverable by each of the Company’s subsidiaries. As at December 31, 2021, the Company had a net VAT recoverable of $ 0.8 million in Mexico, $ 0.7 million in Germany and $ 0.1 million in Canada (December 31, 2020 – net VAT recoverable of $ 1.8 million in Mexico, $ 0.2 million in Germany and $ 0.1 million in Canada). In Mexico, VAT credits can be recovered in cash or applied to VAT payable specific to each entity and are non-transferable. The Company’s Mexican VAT payable position is reflected separately on the consolidated statement of financial position.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2021
INVENTORIES	8. INVENTORIES SCHEDULE OF INVENTORIES 2021 2020 $ $ Ore stockpiles (1) 587 453 Concentrate inventory (1) 250 4 Materials and supplies (2) 1,250 1,918 Inventories 2,087 2,375 (1) Change in inventories recorded in cost of sales (Note 20.a) excludes currency translation adjustment of $ 43 (2) On December 31, 2021, materials and supplies inventories were written down to net realisable value to align with current mining plans (Note 2). An amount of $ 759 was recorded in cost of sales.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2021
OTHER CURRENT ASSETS	9. OTHER CURRENT ASSETS SCHEDULE OF OTHER CURRENT ASSETS 2021 2020 $ $ Income taxes recoverable 130 145 Prepaid expenses, deposits and bonds 708 390 Restricted cash 940 765 Forward foreign exchange contracts - 21 Others 88 12 Total other current assets 1,866 1,333 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data)

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT	10. PROPERTY, PLANT AND EQUIPMENT SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT Mining properties Mining equipment Processing equipment Assets under construction Corporate and right of use assets Total $ $ $ $ $ $ At January 1, 2020 Cost 31,774 16,717 6,160 5,071 1,816 61,538 Accumulated amortization (20,198 ) (11,240 ) (5,036 ) - (246 ) (36,720 ) Opening net book value 11,576 5,477 1,124 5,071 1,570 24,818 Year ended December 31, 2020 Opening net book value 11,576 5,477 1,124 5,071 1,570 24,818 Additions 1,416 1,746 673 3,658 175 7,668 Reclassification 4,046 3,333 - (7,325 ) (54 ) - Depletion and amortization (2,191 ) (1,996 ) (298 ) - (307 ) (4,792 ) Impairment Exchange differences (2) (377 ) 160 (503 ) (882 ) (262 ) (1,864 ) Closing net book value 14,470 8,720 996 522 1,122 25,830 At December 31, 2020 Cost 36,400 21,272 6,075 522 1,944 66,213 Accumulated amortization (21,930 ) (12,552 ) (5,079 ) - (822 ) (40,383 ) Opening net book value 14,470 8,720 996 522 1,122 25,830 Year ended December 31, 2021 Opening net book value 14,470 8,720 996 522 1,122 25,830 Additions (1) 4,441 516 263 2,711 30 7,961 Reclassification 2,131 875 196 (3,202 ) - - Impairment (3) (10,471 ) (4,715 ) (738 ) - (231 ) (16,155 ) Depletion and amortization (4,532 ) (2,373 ) (275 ) - (348 ) (7,528 ) Exchange differences (2) (666 ) (333 ) (17 ) (31 ) (17 ) (1,064 ) Closing net book value 5,373 2,690 425 - 556 9,044 At December 31, 2021 Cost 41,962 21,995 6,367 - 1,935 72,259 Accumulated amortization and impairment (36,589 ) (19,305 ) (5,942 ) - (1,379 ) (63,215 ) Closing net book value 5,373 2,690 425 - 556 9,044 (1) During the year ended December 31, 2021, the Company incurred $ 2,711 3,658 (2) Unrealized foreign exchange losses on translation of Mexican peso assets at the period-end exchange rate. (3) On January 5, 2022, the Company announced that it was assessing the economic viability of mining at Platosa at achievable dewatering rates and with acceptable capital expenditures, beyond mid-2022. The mineral resources remaining beyond mid-2022 steepen significantly, with fewer vertical-tonnes-per-metre than historically encountered. Underground and surface drilling continued throughout Q1 2022; however, based on the recent drilling results and consideration of current and expected economic factors, the Company expects to wind down operations at Platosa during Q3 2022, subject to results from ongoing exploration programs. Considering results from exploration and drilling assessments in Q4 2021 and to date, the Company performed an impairment test on the Platosa Mine CGU and Miguel Auza processing facility CGU as of December 31, 2021. The recoverable amounts were calculated using the value-in-use method and estimated based on future cash flows. Key assumptions included future commodity prices, production based on current estimates of recoverable resources, and operating costs. In addition, the estimated residual value of Platosa’s property, plant and equipment required significant judgement. No discount rate was applied given the short-term nature of the cash flows. The estimated recoverable amount for the Platosa CGU and Miguel Auza CGU was $ 7,264 and $ 1,338 respectively. Consequently, an impairment loss of $ 15,403 was recognized as at December 31, 2021 ($ 14,293 on the Platosa Mine, $ 1,110 on Miguel Auza). 10 2,133 10 292 In Q3 2021, the Company had recorded an impairment loss of $ 752 on the Miguel Auza CGU reflecting the impact of the Judgment against San Pedro (Note 18). (3) On January 5, 2022, the Company announced that it was assessing the economic viability of mining at Platosa at achievable dewatering rates and with acceptable capital expenditures, beyond mid-2022. The mineral resources remaining beyond mid-2022 steepen significantly, with fewer vertical-tonnes-per-metre than historically encountered. Underground and surface drilling continued throughout Q1 2022; however, based on the recent drilling results and consideration of current and expected economic factors, the Company expects to wind down operations at Platosa during Q3 2022, subject to results from ongoing exploration programs. Considering results from exploration and drilling assessments in Q4 2021 and to date, the Company performed an impairment test on the Platosa Mine CGU and Miguel Auza processing facility CGU as of December 31, 2021. The recoverable amounts were calculated using the value-in-use method and estimated based on future cash flows. Key assumptions included future commodity prices, production based on current estimates of recoverable resources, and operating costs. In addition, the estimated residual value of Platosa’s property, plant and equipment required significant judgement. No discount rate was applied given the short-term nature of the cash flows. The estimated recoverable amount for the Platosa CGU and Miguel Auza CGU was $7,264 and $1,338 respectively. Consequently, an impairment loss of $15,403 was recognized as at December 31, 2021 ($14,293 on the Platosa Mine, $1,110 on Miguel Auza). The recoverable amount and impairment was most sensitive to the future commodity price assumption – a 10% change in commodity prices would result in a $2,133 change in the recoverable amount and impairment. A 10% change in the residual value of Platosa’s property, plant and equipment would result in a $292 change in the recoverable amount and impairment. On April 1, 2022 the labour action was resolved. In Q3 2021, the Company had recorded an impairment loss of $752 on the Miguel Auza CGU reflecting the impact of the Judgment against San Pedro (Note 18).

MINERAL RIGHTS

MINERAL RIGHTS	12 Months Ended
	Dec. 31, 2021
Mineral Rights
MINERAL RIGHTS	11. MINERAL RIGHTS SCHEDULE OF MINERAL RIGHTS Platosa (Mexico) Beschefer (Canada) Silver City (Germany) (1) Kilgore (Idaho) (2) Oakley (Idaho) (3) Total $ $ $ $ $ $ At January 1, 2020 Cost 3,785 1,428 245 - - 5,458 Accumulated amortization (2,782 ) - - - - (2,782 ) Opening net book value 1,003 1,428 245 - - 2,676 Year ended December 31, 2020 Opening net book value 1,003 1,428 245 - - 2,676 Additions - - 317 13,756 5,364 19,437 Disposals - (1,348 ) - - - (1,348 ) Payments received under earn-in agreement Depletion and amortization (178 ) - - - - (178 ) Impairment Exchange differences (21 ) (80 ) 25 - - (76 ) Closing net book value 804 - 587 13,756 5,364 20,511 At December 31, 2020 Cost 3,721 - 587 13,756 5,364 23,428 Accumulated amortization (2,917 ) - - - - (2,917 ) Opening net book value 804 - 587 13,756 5,364 20,511 Year ended December 31, 2021 Opening net book value 804 - 587 13,756 5,364 20,511 Additions - - 459 - - 459 Payments received under earn-in agreement - - - - (75 ) (75 ) Depletion and amortization (219 ) - - - - (219 ) Impairment (4) (385 ) - - - - (385 ) Exchange differences (7 ) - (11 ) - - (18 ) Closing net book value 193 - 1,035 13,756 5,289 20,273 At December 31, 2021 Cost 3,665 - 1,035 13,756 5,289 23,745 Accumulated amortization (3,472 ) - - - - (3,472 ) Closing net book value 193 - 1,035 13,756 5,289 20,273 (1) On September 24, 2019 the Company signed an option agreement (the “Globex Agreement”) with Globex Mining Enterprises Inc. (“Globex”) to acquire a 100% 500 1,600 3% 2.5% reduced by 1% upon a payment of $1,500. Additional one-time payments of C$300 and C$700 will be made by the Company following any future announcement of a maiden resource on the property and upon achievement of commercial production from the project, respectively. Option payment date Number of shares issued Contractual value of shares issued Cash payment made Total – addition to September 24, 2019 45,367 C$ 225 C$ 100 $ 245 September 21, 2020 65,657 C$ 325 C$ 100 $ 317 September 22, 2021 232,240 C$ 425 C$ 100 $ 384 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) The Company has the option to issue shares to the value of C$ 625 200 In March 2021, the Frauenstein, Mohorn and Oederan exploration licenses were granted to the Company following applications to the Sächsisches Oberbergamt (Saxon Mining Authority), increasing the Silver City ground position by 17,600 hectares. (2) On April 22, 2020, the Company acquired the Kilgore Gold Project as part of the Otis acquisition. (3) On April 22, 2020, the Company acquired 100% ownership of the Oakley Project in Cassia County, Idaho as part of the Otis acquisition. On February 26, 2020, Otis entered into a definitive option agreement with Centerra Gold Inc. (“Centerra”) whereby Centerra can earn up to a 70% interest in the Oakley Project in exchange for total exploration expenditures of $ 7,000 550 In Q1 2021, the Company received a payment of $ 75 In Q1 2022, the Company received a payment of $ 100 (4) Refer to Note 11 – mineral rights related to the Platosa Mine were included in the Platosa CGU tested for impairment at December 31, 2021. An impairment of $ 385 was recorded.

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES	12 Months Ended
	Dec. 31, 2021
TRADE AND OTHER PAYABLES	12. TRADE AND OTHER PAYABLES The Company’s payables comprise trade payables, accruals and other payables as at December 31, 2021. Trade payables comprise $ 3,990 of the $ 8,143 balance (as at December 31, 2020 $ 4,252 of the $ 8,172 balance), of which $ 2,989 relate to operations in Mexico (as at December 31, 2020– $ 2,429 ). Accruals and other payables of $ 4,153 (as at December 31, 2020 – $ 3,920 ) include administrative and operating costs, accounting and legal services, income taxes and statutory payroll withholding taxes. Trade payables and accruals related to property, plant and equipment additions totaled $ 543 at December 31, 2021 (as at December 31, 2020– $ 173 ).

LEASE OBLIGATIONS

LEASE OBLIGATIONS	12 Months Ended
	Dec. 31, 2021
LEASE OBLIGATIONS	13. LEASE OBLIGATIONS SUMMARY OF LEASE OBLIGATIONS 2021 2020 $ $ Total discounted lease obligations 445 830 Less: current portion of lease obligations (212 ) (405 ) Non-current of lease obligations 233 425 The Company leases select mining equipment, office and warehouse space. All leases have fixed interest rates and security is provided by the asset being leased. Interest expense on the lease liabilities was $ 44 for the year ended December 31, 2021 (December 31, 2020– $ 69 ). Details of the lease payments are as follows: SCHEDULE OF THE LEASE PAYMENTS 2021 2020 $ $ Within 1 year 234 448 Between 1 and 5 years 243 455 Total undiscounted lease obligations 477 903

PROVISIONS

PROVISIONS	12 Months Ended
	Dec. 31, 2021
Provisions [abstract]
PROVISIONS	14. PROVISIONS SCHEDULE OF PROVISIONS Post-retirement Rehabilitation benefits (1) provision (2) Total $ $ $ Year ended December 31, 2020 Opening balance 617 1,626 2,243 - - - Termination payments (113 ) - (113 ) Change in estimate 233 - 233 Accretion for the period 40 61 101 - - - Exchange differences (125 ) (131 ) (256 ) Closing balance 652 1,556 2,208 Current - - - Non-current 652 1,556 2,208 Year ended December 31, 2021 Opening balance 652 1,556 2,208 Termination payments (62 ) - (62 ) Change in estimate 968 223 1,191 Accretion for the period 236 85 321 Exchange differences 1 (51 ) (50 ) Closing balance 1,795 1,813 3,608 Current 1,795 - 1,795 Non-current - 1,813 1,813 (1) Post-retirement benefits: Under Mexican labour law, the Company provides post-retirement indemnities and severance benefits to its employees terminated under certain circumstances. Key assumptions used by the independent 3 rd 7.00% 4.86% 4% 22% 3.75% 3.75% 22% 5.31% Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) (2) Rehabilitation provision: Key financial assumptions used in the above estimate include independent 3rd party cost reports, an annual discount rate of 6.68% 7.19% 4.73% 1.9 1.0 0.9

CONVERTIBLE DEBENTURES

CONVERTIBLE DEBENTURES	12 Months Ended
	Dec. 31, 2021
CONVERTIBLE DEBENTURES	15. CONVERTIBLE DEBENTURES On July 30, 2020, the Company closed a private placement (the “Financing”) of secured convertible debentures (the “Debentures”) for total proceeds of C$ 17.91 The Debentures have a term of 36 months 5.30 5.75% 10% On or after July 30, 2022 and prior to maturity, the Company may accelerate the conversion of the entire issuance of Debentures, provided that the 20-day VWAP of the common shares on or after such 24-month anniversary is equal to or greater than C$ 12.50 The purchasers of the Debentures were also issued 1,006,542 5.75 July 30, 2023 136,887 5.75 July 30, 2023 Net proceeds from the Debentures were C$ 17.1 12.8 768 572 8,459 6,298 6,382 4,751 2,301 1,713 The debt component is recorded at amortized cost and is accreted to the principal amount over the term of the Debentures. The Company elected to pay the December 31, 2020, June 30, 2021 and December 31, 2021 interest payments in common shares valued at C$ 754 ($ 588 ), C$ 888 ($ 727 ) and C$ 903 ($ 706), respectively. The Company recorded interest expense of C$ 4,294 ($ 3,427 ) for the year ended December 31, 2021. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) SUMMARY OF DEBT COMPONENT $ CAD $ USD Year ended December 31, 2020 - - Proceeds on issuance of Debenture 17,910 13,334 Transaction costs paid (768 ) (572 ) Portion allocated to equity - conversion option and other features (8,683 ) (6,464 ) Interest expense 1,594 1,222 Value of shares issued to settle interest payable (754 ) (588 ) Exchange differences - 351 Closing balance 9,299 7,283 Year ended December 31, 2021 Opening balance 9,299 7,283 Interest expense 4,294 3,427 Value of shares issued to settle interest payable (1,791 ) (1,433 ) Exchange differences - (39 ) Closing balance 11,802 9,238

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL	16. SHARE CAPITAL The Company’s authorized share capital consists of an unlimited number of common shares. SCHEDULE OF AUTHORIZED SHARE CAPITAL Number of shares (000’s) $ Year ended December 31, 2019 Opening balance 19,841 106,786 Shares issued on exercise of stock options 10 38 Shares issued on exercise of RSUs and DSUs 40 245 Shares issued on exercise of warrants 370 699 Shares issued from bought deal (6) 2,185 6,903 Value of shares issued in asset acquisition (4) 45 169 Balance at December 31, 2019 22,491 114,840 Year ended December 31, 2020 Opening balance 22,491 114,840 Shares issued on exercise of stock options 261 602 Shares issued on exercise of RSUs and DSUs 382 1,627 Shares issued on exercise of warrants 2 8 Shares issued on acquisition of Otis Gold Corp (1) 8,131 16,370 Shares issued as part of Credit Facility (2) 107 180 Shares issued to settle payables (3) 671 1,738 Value of shares issued in asset acquisition (4) 66 246 Shares issued to settle interest on convertible debentures (5) 228 588 Balance at December 31, 2020 32,339 136,199 Year ended December 31, 2021 Opening balance 32,339 136,199 Shares issued on exercise of stock options 15 54 Shares issued on exercise of RSUs and DSUs 281 970 Value of shares issued in asset acquisition (4) 232 305 Shares issued to settle interest on convertible debentures (5) 896 1,433 Balance at December 31, 2021 33,763 138,961 (1) On April 22, 2020, the Company completed the acquisition of Otis. Otis shareholders received 0.046 8,130,630 2.85 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) (2) On March 16, 2020, the Company closed a $ 6,000 10% September 14, 2020 107,291 (3) During the second and third quarters of 2020, the Company issued 670,974 2,098 196 261 (4) On September 24, 2019, the Company announced the Globex Agreement. The first issuance of 45,367 225 or $169 100 65,657 common shares (valued at C$ 325 or $ 246 ) on September 21, 2020 and 232,240 common shares (valued at C$ 385 or $ 305 ) on September 22, 2021 (Note 11). (5) The Company elected to pay the December 31, 2020, June 30, 2021 and December 31, 2021 interest payments on the Debentures (Note 15) in common shares valued at C$ 754 588 888 727 903 706 (6) On August 27, 2019 the Company completed a public equity financing (the “2019 Bought Deal”) of 2,185,000 5.30 11,581 Each 2019 Public Unit comprised one common share and one half-warrant (“$ 7.00 7.00 two years 1,092,500 7.00 800 The net proceeds of C$ 10,510 8,000 7.00 The outstanding number and weighted average exercise prices of equity-settled Stock Options, Purchase Warrants, Deferred Share Units (“DSUs”) and Restricted Share Units (“RSUs”) are as follows: SCHEDULE OF OUTSTANDING NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES Options Warrants Options Outstanding Weighted Average Exercise Price (CAD) Warrants Outstanding (2) Weighted Average Exercise Price (CAD) RSUs Outstanding DSUs Outstanding Outstanding at January 1, 2019 260,000 6.34 370,209 2.50 352,571 372,499 Granted/issued 241,000 4.68 1,092,500 7.00 369,795 95,073 Exercised/settled (10,000 ) 2.85 (370,209 ) 2.50 (39,833 ) - Expired (20,000 ) 5.78 - - - - Forfeited (10,000 ) 4.75 - - (110,047 ) - Outstanding at December 31, 2019 461,000 5.59 1,092,500 7.00 572,485 467,572 Exercisable at December 31, 2019 270,665 5.91 1,092,500 7.00 - - Outstanding at January 1, 2020 461,000 5.59 1,092,500 7.00 572,485 467,572 Granted/issued/acquired (1) 1,002,395 3.34 1,448,488 5.23 337,331 217,264 Exercised/settled (260,596 ) 1.93 (2,400 ) 3.45 (224,750 ) (193,506 ) Expired (332,359 ) 5.20 - - (91,332 ) - Forfeited (23,003 ) 4.26 - - (128,223 ) - Outstanding at December 31, 2020 847,437 4.21 2,538,588 6.00 465,511 491,330 Exercisable at December 31, 2020 548,009 4.52 2,538,588 6.00 - 98,417 Outstanding at January 1, 2021 847,437 4.21 2,538,588 6.00 465,511 491,330 Granted/issued 257,500 3.73 - - 466,122 209,353 Exercised/settled (15,000 ) 3.05 - - (41,117 ) (244,485 ) Expired (104,366 ) 5.61 (1,092,400 ) 7.00 (54,448 ) - Forfeited (40,084 ) 3.85 - - (168,659 ) - Outstanding at December 31, 2021 945,487 3.96 1,446,188 5.24 667,409 456,198 Exercisable at December 31, 2021 816,987 4.03 1,446,188 5.24 - - (1) On April 22, 2020, the Company issued 531,895 305,060 3.30 130,365 July 22, 2020 (2) The Company has the following warrants outstanding at December 31, 2021: ● 302,760 3.30 March 29, 2022 ● 1,143,428 5.75 July 30, 2023 On August 27, 2021, 1,092,400 7.00 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Options outstanding and exercisable as at December 31, 2021 are as follows: SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE Exercise Price Range (CAD) Stock Options Outstanding Weighted Average Remaining Contractual Life (years) Stock Options Exercisable Weighted Average $ 0.00 1.99 45,000 2.80 11,250 1.80 $ 2.00 3.99 423,037 1.64 411,787 3.02 $ 4.00 5.99 414,450 2.36 330,950 4.53 $ 6.00 7.99 5,000 1.30 5,000 7.50 $ 8.00 9.99 58,000 0.63 58,000 8.49 945,487 1.95 816,987 4.03 Options outstanding and exercisable as at December 31, 2020 were as follows: Exercise Price Range (CAD) Stock Options Outstanding Weighted Average Remaining Contractual Life (years) Stock Options Exercisable Weighted Average $ 2.00 3.99 502,487 2.42 294,235 3.07 $ 4.00 5.99 243,950 3.19 152,774 4.75 $ 6.00 7.99 15,000 1.40 15,000 7.63 $ 8.00 9.99 86,000 1.59 86,000 8.53 847,437 2.54 548,009 4.52 Options outstanding and exercisable as at December 31, 2019 were as follows: Exercise Price Range (CAD) Stock Options Outstanding Weighted Average Remaining Contractual Life (years) Stock Options Exercisable Weighted Average $ 0.00 2.49 24,000 0.84 24,000 1.55 $ 2.50 4.99 247,000 3.40 110,999 3.85 $ 5.00 7.49 - - - - $ 7.50 9.99 155,000 2.47 135,666 8.35 426,000 2.92 270,665 5.90 The grant date fair values of the Options were measured based on the Black-Scholes formula. Expected volatility is estimated by considering historic average share price volatility. The inputs used in the measurement of the Option fair values at grant date were the following: SCHEDULE OF MEASUREMENT OF THE OPTION FAIR VALUES AT GRANT DATE 2021 2020 2019 Fair value at grant date (CAD) $ 2.03 $ 1.64 $ 2.90 Share price at grant date (CAD) $ 3.73 $ 3.34 $ 4.65 Exercise price (CAD) $ 3.73 $ 3.34 $ 4.65 Risk free interest rate 0.39 % 0.56 % 1.71 % Expected life of options in years 3.26 5.00 5.00 Expected volatility 80.37 % 74.81 % 77.63 % Expected dividend yield 0.00 % 0.00 % 0.00 % Estimated forfeiture rate 5.87 % 4.76 % 5.40 % Compensation expense is recognized over the vesting period of the grant with the corresponding equity impact recorded in contributed surplus. Share-based compensation expense comprises the following: SCHEDULE OF SHARE BASED COMPENSATION EXPENSE 2021 2020 2019 $ $ $ Stock options 475 469 421 RSU 454 788 344 DSU 613 618 337 1,542 1,875 1,102

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Dec. 31, 2021
Profit or loss [abstract]
LOSS PER SHARE	17. LOSS PER SHARE SCHEDULE OF LOSS PER SHARE 2021 2020 2019 Net loss for the year $ (57,773 ) $ (16,020 ) $ (10,075 ) Weighted average number of shares outstanding - basic and diluted 32,662,594 28,881,800 20,674,866 Net loss per share - basic and diluted $ (1.77 ) $ (0.55 ) $ (0.49 ) When calculating earnings per share for periods where the Company has a loss, the calculation of diluted earnings per share excludes any incremental shares from the assumed conversion of stock options and warrants as they would be anti-dilutive.

PROVISION FOR LITIGATION

PROVISION FOR LITIGATION	12 Months Ended
	Dec. 31, 2021
Provision For Litigation
PROVISION FOR LITIGATION	18. PROVISION FOR LITIGATION The Company is party to an action by a claimant in respect of damages under a property agreement regarding the La Antigua mineral concession (“La Antigua”), a non-material mineral concession within the Evolución Project held by a subsidiary of the Company. La Antigua is subject to an exploration and exploitation agreement with a purchase option (the “Antigua Agreement”) dated December 3, 2006 between San Pedro Resources SA de CV (“San Pedro”, now a subsidiary of Excellon) and the owner (the “Plaintiff”) that provides, among other things, for a minimum payment of $ 2.5 plus value added tax per month and the payment of a 3% NSR royalty. Pursuant to the Antigua Agreement, San Pedro had the right to purchase absolute title to La Antigua including the NSR royalty upon payment of $ 500 . San Pedro was under no contractual obligation to put the mine into production and has not done so. The Plaintiff was initially awarded damages of $700 in the court of first instance in Torreón, Coahuila. Both San Pedro and the Plaintiff appealed the decision to the Second District State Court in the Judicial District of Torreón. That Court confirmed the initial decision but, subsequently, pursuant to an order obtained by the Plaintiff, granted the Plaintiff an award of $ 22,175 (the “Judgment”), which in the view of management is multiple times greater than any income the applicable NSR royalty could produce even in the event of commercial production. San Pedro’s appeal of this decision to the federal courts of Mexico was dismissed on July 1, 2021, a decision that was formally communicated to the Company in August 2021, and as the Judgment is not subject to further legal appeal in Mexico, the Company recorded a Provision for litigation of $ 22,175 in Q3. The Judgment is solely against San Pedro as defendant and the Company believes that the Plaintiff has no recourse against the Company’s other assets in Mexico (including Platosa), Idaho, Saxony or Canada. San Pedro is a wholly-owned, indirect subsidiary of the Company that holds the Miguel Auza processing facility and the original Miguel Auza mineral concessions, including the Evolución mineral resource. The book value of San Pedro’s assets included in the consolidated Statement of Financial Position after impairment (Note 10) is $ 3.1 million, including plant, property and equipment of $ 1.4 million, VAT recoverable of $ 1.3 million and materials, supplies and other of $ 0.4 million. The Platosa Mine is owned and operated by a separate subsidiary. The Company continues to pursue avenues through our labour, community and government relationships and is investigating remedies under international law. In the interim, San Pedro continues to operate in the ordinary course and there is currently no impact to the operation of the Company’s business. As of the date of approval of these financial statements San Pedro has not received any notice that the Plaintiff has initiated any insolvency proceedings that could result in San Pedro losing control of the toll milling operations. In Q1 2022, the Plaintiff registered the Judgment against the real property owned by San Pedro. The Company is pursuing legal remedies through its counsel in Mexico. This proceeding does not currently impact the Company’s use of the land, plant or mineral concessions. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) SCHEDULE OF PROVISION FOR LITIGATION 2021 2020 $ $ Opening balance - - Provision recognized 22,282 - Transfer from accruals 243 - Interest 1 - Exchange differences (1) (364 ) - Closing balance 22,162 - (1) Exchange differences include unrealized foreign exchange (debit of $ 294) 658

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2021
REVENUE	19. REVENUE Under the terms of the Company’s concentrate sales contracts, lead–silver and zinc–silver concentrates are sold on a provisional pricing basis whereby sales are recognized at prevailing metal prices when the revenue recognition criteria have been met, namely when title and the risks and rewards of ownership have transferred to the customer. Final pricing of each delivery is not determined until one to three months post-delivery. The price recorded at the time of sale may differ from the actual final price received from the customer due to changes in market prices for metals. The price volatility is considered an embedded derivative in trade receivables. The embedded derivative is recorded at fair value by mark-to-market adjustments at each reporting period until settlement occurs, with the changes in fair value recorded in revenue. The Company recognized the following amounts related to revenue: SCHEDULE OF RECOGNIZED AMOUNTS RELATED TO REVENUE 2021 2020 2019 $ $ $ Concentrate revenue from contracts with customers 37,846 25,970 26,017 Provisional pricing adjustments on concentrate sales 109 (264 ) (468 ) Revenue from toll milling services - 496 920 Total revenue 37,955 26,202 26,469 The following table sets out the disaggregation of revenue by metal and form of sale: SCHEDULE OF DISAGGREGATION OF REVENUE 2021 2020 2019 $ $ $ Concentrate revenue: Silver 24,043 16,963 13,693 Lead 5,730 3,571 4,422 Zinc 8,182 5,172 7,434 Revenue from toll milling services - 496 920 Total revenue 37,955 26,202 26,469 The Company has offtake agreements with Trafigura Mexico, S.A. de C.V. (“Trafigura”), a subsidiary within the Trafigura group of companies. Due to the availability of alternative processing and commercialization options for its concentrate, the Company believes it would suffer no material adverse effect if it lost the services of Trafigura.

EXPENSES BY NATURE

EXPENSES BY NATURE	12 Months Ended
	Dec. 31, 2021
EXPENSES BY NATURE	20. EXPENSES BY NATURE (a) Cost of sales consist of the following: SCHEDULE OF COST OF SALES 2021 2020 2019 $ $ $ Direct mining and milling costs (1) 26,630 19,604 22,541 Changes in inventories (2) (423 ) 143 193 Depletion and amortization 7,300 4,649 4,708 Toll milling costs - 234 482 Cost of sales 33,507 24,630 27,924 (1) Direct mining and milling costs include personnel, general and administrative, fuel, electricity, maintenance and repair costs as well as operating supplies, external services and transport fees. (2) Changes in inventories reflect the net cost of ore and concentrate (i) sold during the current period but produced in a previous period (an addition to direct mining and milling costs) or (ii) produced but not sold in the current period (a deduction from direct mining and milling costs). (b) Administrative expenses consist of the following: SCHEDULE OF ADMINISTRATIVE EXPENSES 2021 2020 2019 $ $ $ Office and overhead 2,303 1,822 1,772 Salaries and wages 1,938 1,777 1,442 Corporate development and legal 290 794 182 Public company costs 169 237 52 Administrative expenses 4,700 4,630 3,448 (c) Other expenses (income) consist of the following: SCHEDULE OF OTHER INCOME EXPENSES 2021 2020 2019 $ $ $ Fair value loss (gain) on marketable securities (Note 6) 766 (645 ) (289 ) Fair value loss (gain) on purchase warrants (Note 6) 167 (67 ) - Loss (gain) on disposal of assets - 188 (19 ) Unrealized foreign exchange loss (gain) 367 653 (360 ) Realized foreign exchange (gain) loss (120 ) 276 (115 ) Interest income and other (304 ) (133 ) 1 Shares issued at a discount to settle payables (Note 16) - 196 - Management fee income (Note 11) (118 ) (95 ) - Other expenses (income) 758 373 (782 )

EXPLORATION AND HOLDING EXPENSE

EXPLORATION AND HOLDING EXPENSES	12 Months Ended
	Dec. 31, 2021
EXPLORATION AND HOLDING EXPENSES	21. EXPLORATION AND HOLDING EXPENSES Exploration and holding expenses were incurred on the following projects: SCHEDULE OF EXPLORATION AND HOLDING EXPENSES 2021 2020 2019 $ $ $ Platosa property (Mexico) - exploration work (1) 1,730 857 2,690 - holding costs 197 180 275 Evolución (Mexico) - exploration work 226 319 586 - holding costs 286 263 247 Silver City (Germany) - exploration work 3,190 1,672 55 - holding costs (2) - - - Kilgore (USA) - exploration work 1,434 638 - - holding costs 131 103 - Exploration and holding expenses 7,194 4,032 3,853 (1) Platosa property exploration excludes underground drilling at the Platosa Mine which is capitalized to Property, plant and equipment (Note 10). (2) There are no annual fees associated with exploration licenses in Saxony, Germany. See Note 11 for capitalized earn-in payments under the Globex Agreement.

FINANCE EXPENSES

FINANCE EXPENSES	12 Months Ended
	Dec. 31, 2021
FINANCE EXPENSES	22. FINANCE EXPENSES Finance expenses consist of the following: SCHEDULE OF FINANCE EXPENSES 2021 2020 2019 $ $ $ Interest expense - Debentures (1) 3,427 1,222 - Interest expense - other 110 759 71 Rehabilitation provision - accretion 85 61 26 Post-retirement benefits - accretion 37 40 62 Gain on change in fair value of purchase warrant liabilities - - (335 ) Unrealized loss on currency hedges 21 426 (119 ) Finance expenses 3,680 2,508 (295 ) (1) The Debentures are recorded at amortized cost and accreted to the principal amount over the term of the Debentures (Note 15). For the year ended December 31, 2021, $ 1,433 588 1,994 634

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2021
INCOME TAX	23. INCOME TAX The Company’s provision for (recovery of) income tax differs from the amount computed by applying the combined Canadian federal and provincial income tax rates to income (loss) before income tax as a result of the following: SCHEDULE OF PROVINCIAL INCOME TAX RATES 2021 2020 2019 $ $ $ Statutory tax rates 26.5 % 26.5 % 26.5 % Income tax (recovery) computed at the statutory rates (13,964 ) (3,243 ) (2,399 ) Non-deductible items 1,210 (1,996 ) 120 Change in tax benefit not recognized 18,501 9,098 2,933 Foreign tax differentials (1,028 ) (355 ) (267 ) Other 259 112 735 Special mining royalty 100 167 (100 ) Provision for income taxes 5,078 3,783 1,022 The 2021 tax provision calculation applies enacted or substantively enacted tax rates of 26.5% in Canada and 30% in Mexico (2020 and 2019 - 26.5% 30% The 7.5% mining royalty in Mexico is treated as an income tax in accordance with IFRS for financial reporting purposes, as it is based on a measure of revenue less certain specified costs. On substantive enactment, a taxable temporary difference arises, as certain mining assets related to extractive activities have a book basis but no tax basis for purpose of the royalty. Provision for income taxes consists of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 2021 2020 2019 $ $ $ Current income taxes 270 305 299 Deferred income taxes 4,808 3,478 723 Provision for income taxes 5,078 3,783 1,022 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) The following table reflects the Company’s deferred income tax assets (liabilities): SCHEDULE OF DEFERRED INCOME TAX ASSETS (LIABILITIES) 2021 2020 2019 $ $ $ Non-capital losses carried forward 1,712 1,521 9,010 Resource related assets - 1,285 1,061 Property, plant and equipment - 2,079 (697 ) Deferred income and other - 1 6 Accrued revenue - 26 10 Prepaid expenses, deposits and other (1,844 ) 233 1,504 Net Capital Losses 132 - - Deferred tax assets - 5,145 10,894 Prepaid expenses, deposits and other (612 ) (611 ) (659 ) Special mining royalty - (318 ) (152 ) Deferred tax liabilities (612 ) (929 ) (811 ) Net deferred tax (liablities) assets (612 ) 4,216 10,083 The Company recognized net deferred tax liability of $ 612 as at December 31, 2021 (as at December 31, 2020 – net deferred tax asset of $ 4,216 and as at December 31, 2019 – net deferred tax asset of $ 10,083 ). The following temporary differences have not been recognized in the consolidated financial statements. SUMMARY OF TEMPORARY DIFFERENCES 2021 2020 2019 $ $ $ Non-capital losses carried forward 55,573 57,299 23,982 Capital losses 3,613 1,214 3,697 Resource related deductions 31,204 22,510 20,961 Share issuance costs 1 9 26 Property, plant and equipment 12,043 206 141 Prepaid expenses, deposits and other 31,420 2,160 1,522 Temporary Differences and Non-capital Losses 133,854 83,398 50,330 As at December 31, 2021, the Company has non-capital losses to be carried forward and applied against taxable income of future years. The non-capital losses have expiry dates as follows: SUMMARY OF NON-CAPITAL LOSSES 2021 2020 2019 $ $ $ 2021 1,426 1,471 1,551 2022 - - - 2023 - - - 2024 and thereafter 60,593 62,678 52,466 Non-capital losses carry forward 62,018 64,149 54,017 As at December 31, 2021, the Company has Canadian capital losses of $ 8,226 (as at December 31, 2020 – $ 8,439 , as at December 31, 2019 - $ 8,252 2,138 for U.S. tax purposes. Of this amount, $433 expires between 2033 and 2037 fiscal years , and $ 1,705 is not subject to expiration. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) At December 31, 2021, $ nil (as at December 31, 2020 and December 31, 2019 – $ nil ) was recognised as a deferred tax liability for taxes that would be payable on the unremitted earnings of certain of the Company’s subsidiaries as the Company has determined that undistributed profits of its subsidiaries will not be distributed in the foreseeable future; and the investments are not held for resale and are expected to be recouped by continued use of these operations by the subsidiaries. The amount of temporary differences not booked for these unremitted earnings at December 31, 2021 is $ 4,527 (as at December 31, 2020 – $ 4,887 5,147 ).

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2021
RELATED PARTIES	24. RELATED PARTIES The former corporate secretary of the Company is a partner in a firm that provides legal services to the Company. During the year ended December 31, 2021, the Company incurred legal services from this firm of $ 3 (2020 – $ 50 74 ). As at December 31, 2021, the Company had an outstanding payable balance due to this firm of $ nil (as at December 31, 2020 – $ 8 nil

KEY MANAGEMENT TRANSACTIONS

KEY MANAGEMENT TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
KEY MANAGEMENT TRANSACTIONS	25. KEY MANAGEMENT TRANSACTIONS Remuneration to directors and key management who have the authority and responsibility for planning, directing and continuing the activities of the Company: SCHEDULE OF KEY MANAGEMENT TRANSACTIONS 2021 2020 2019 $ $ $ Salaries, fees and benefits 1,342 1,510 1,227 Director’s fees 311 285 315 Share-based payments 970 1,175 962 Remuneration expenses 2,623 2,970 2,504

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
FINANCIAL INSTRUMENTS	26. FINANCIAL INSTRUMENTS Fair Values of non-derivative financial instruments All financial assets and financial liabilities, other than derivatives, are initially recognized at the fair value of consideration paid or received, net of transaction costs, as appropriate, and are subsequently carried at fair value or amortized cost. At December 30, 2021, the carrying amounts of trade and other payables and other current assets are considered to be reasonable approximations of their respective fair values due to the short-term nature of these instruments. The methods and assumptions used in estimating the fair value of other financial assets and liabilities are as follows: Embedded derivatives – provisional pricing Revenues from the sale of metals produced are based on provisional prices at the time of shipment. Variations between the price recorded at the time of sale and the actual final price received from the customer are caused by changes in market prices for metals sold and final settlement weights and assays, which result in an embedded derivative in trade receivables. The embedded derivative is recorded at fair value each reporting period until settlement occurs, with the changes in fair value recorded to revenues. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Fair Value Hierarchy The three levels of the fair value hierarchy are as follows: ● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; ● Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and ● Level 3 – Inputs that are not based on observable market data SCHEDULE OF THREE LEVELS OF FAIR VALUE HIERARCHY Fair value 2021 2020 hierarchy $ $ Financial assets Fair value through profit and loss Marketable securities Level 1 407 2,138 Warrants Level 2 47 212 Trade receivables Level 2 326 1,782 Forward foreign exchange contracts Level 2 - 21 Total Financial Assets 780 4,153 There were no transfers between levels 1, 2 or 3 during the twelve months ended December 31, 2021. Valuation techniques and inputs used to determine fair values include: ● Marketable securities – the use of quoted market prices ● Warrants – based on a Black-Scholes model which uses quoted observable inputs ● Provisional pricing receivables – key inputs are payable metal and future metal prices, marked-to-market based on a quoted forward price and final settlement weights and assays ● Forward foreign currency contracts – present value of future cash flows based on the forward exchange rates at the balance sheet date Risk management policies and hedging activities The Company is sensitive to changes in commodity prices, foreign exchange and interest rates. The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company addresses its price-related exposures through the use of options, futures, forwards and derivative contracts were appropriate. Credit risk Credit risk is the risk of unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company’s credit risk is primarily attributable to cash and cash equivalents. Management believes the credit risk on cash and cash equivalents is low since the Company’s cash and cash equivalents are held at large international financial institutions with strong credit ratings. The Company is exposed to credit risk from its current customer Trafigura. Trade receivables are subject to normal industry credit risks and are considered to have a low credit risk. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to determine the funds required to meet its operating and growth objectives. To the extent that the Company may foresee insufficient liquidity to meet these obligations, management will consider securing additional funds through equity or debt transactions. With the planned wind down of operations at Platosa in Q3 2022, the Company’s main source of liquidity will be derived from equity or debt transactions (Note 2). Trade payables excluding accrued liabilities are due within 90 days or less. Based on the Company’s understanding of corporate, labour and insolvency laws in Mexico, it does not foresee any significant cash outflow from Excellon or San Pedro related to the Judgment (Note 18). Currency risk The Mexican peso (“MXN”), US dollar (“USD”), Euro (“EUR”) and the Canadian dollar (“CAD”) are the functional currencies of subsidiaries of the Company and, as a result, currency exposures arise from transactions and balances in currencies other than the functional currencies. The Company’s potential currency exposures comprise: ● translational exposure in respect of non-functional currency monetary items ● transactional exposure in respect of non-functional currency expenditure and revenues; ● commodity price risk; and ● interest rate risk. A significant portion of the Company’s capital expenditures, operating costs, exploration, and administrative expenditures are incurred in MXN, while revenues from the sale of concentrates are denominated in USD. The fluctuation of the USD in relation to the MXN, consequently, impacts the reported financial performance of the Company. In 2020, the Company entered into forward contracts to purchase MXN in exchange for USD at various rates and maturity dates. As at December 31, 2020, forward contracts for the purchase of MXN 16 0.8 20.45 The mark-to-market adjustment on forward foreign exchange contracts resulted in an unrealized loss of $ 21 for the year ended December 31, 2021 ($ 426 unrealized loss as at December 31, 2020, and $ 119 nil at December 31, 2021 (December 31, 2020 – $ 21 asset balance, and December 31, 2019 – $ 432 Translational exposure in respect of non-functional currency monetary items Monetary items, including financial assets and liabilities, denominated in currencies other than the functional currency of an operation are periodically revalued to the functional currency equivalents as at that date, and the associated unrealized gain or loss is recorded in the consolidated statement of comprehensive income (loss) to reflect this risk. The principal non-functional currency to which the Company is exposed is the USD. Based on the Company’s net financial assets and liabilities in USD as at December 31, 2021, a weakening of the USD against the MXN and CAD functional currencies by 1%, with all other variables held constant, would have increased/(decreased) net income and equity by approximately $ 193 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Transactional exposure in respect of non-functional currency expenditure and revenues Certain operating and capital expenditures are incurred by some operations in currencies other than their functional currency. Revenue is earned in currencies other than the functional currency of operations, and certain exchange controls may require that funds be maintained in currencies other than the functional currency of the operation. Commodity price risk The nature of the Company’s operations results in exposure to fluctuations in commodity prices. Management continuously monitors commodity prices of silver, lead and zinc. The Company is particularly exposed to the risk of movements in the price of silver. Declining market prices for silver could have a material effect on the Company’s profitability, and the Company may consider hedging its exposure to silver. The London Silver Spot price average, in USD per ounce, was $ 25.06 for the year ended December 31, 2021 (December 31, 2020: $ 20.40 16.20 ). The Company estimates that a 10% increase/decrease in commodity prices during 2021, with all other variables held constant, would have resulted in an increase/decrease in net income of approximately $ 4,502 . Interest rate risk Cash and cash equivalents earn interest at floating rates dependent upon market conditions.

CAPITAL MANAGEMENT

CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2021
CAPITAL MANAGEMENT	27. CAPITAL MANAGEMENT The Company’s objectives of capital management are intended to safeguard the entity’s ability to continue as a going concern (Note 2) and to continue the exploration of, and extraction of ore from its mining properties. The capital of the Company consists of the elements within shareholders’ equity. Risk and capital management are monitored by the board of directors. The Company manages the capital structure and makes adjustments depending on economic conditions. Funds have been primarily secured through issuances of equity capital. The Company invests all capital that is surplus to its immediate needs in short-term, liquid and highly rated financial instruments, such as cash and other short-term deposits, all held with major financial institutions. Significant risks are monitored, and actions are taken, when necessary, according to the Company’s approved policies.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2021
SEGMENT REPORTING	28. SEGMENT REPORTING SCHEDULE OF SEGMENT REPORTING MEXICO CORPORATE TOTAL 2021 2020 2021 2020 2021 2020 $ $ $ $ $ $ Property, plant and equipment 8,535 24,877 509 953 9,044 25,830 Additions - Property, plant and equipment 7,931 7,620 30 48 7,961 7,668 Mineral rights 193 804 20,080 19,707 20,273 20,511 Additions - Mineral rights - - 459 19,437 459 19,437 Total assets (1) 15,309 40,897 26,251 32,382 41,560 73,279 Total liabilities (Note 18) 34,173 11,959 11,874 10,878 46,047 22,837 (1) Certain comparative period balances related to deferred income tax have been reallocated between segments to conform with the current period allocation. As a result, total assets for Mexico and Corporate as at December 31, 2020, previously reported as $ 63,062 10,217 40,897 32,382 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) 2021 2020 2019 $ $ $ MEXICO Revenue 37,955 26,202 26,469 Cost of sales (33,507 ) (24,630 ) (27,924 ) Exploration and holding expenses (2,439 ) (1,619 ) (3,789 ) Other income (expenses) 215 (1,058 ) 826 Provision for litigation (Note 18) (22,282 ) - - Impairment loss (Note 10 and 11) (16,540 ) - - Finance expenses (183 ) (136 ) (40 ) Income tax expense (5,075 ) (5,497 ) (928 ) Net loss (41,856 ) (6,738 ) (5,386 ) CORPORATE General and administrative expenses (6,689 ) (6,896 ) (4,823 ) Exploration and holding expenses (4,755 ) (2,413 ) (64 ) Other (expenses) income (973 ) 685 (44 ) Finance (expenses) income (3,497 ) (2,372 ) 335 Income tax (expense) recovery (3 ) 1,714 (93 ) Net loss (15,917 ) (9,282 ) (4,689 ) Net loss (57,773 ) (16,020 ) (10,075 )

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Consolidation	(a) Consolidation i. Subsidiaries - are entities controlled by the Company where control is achieved when the Company has the power to govern the financial and operating policies of the entity. The Company owns directly and indirectly 100% (Revised) Business Combinations ii. Transactions eliminated on consolidation - intercompany transactions, balances, income and expenses are eliminated in preparing the consolidated financial statements.
Foreign currency transactions and translation	(b) Foreign currency transactions and translation i. Transactions and balances - foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Company’s consolidated statements of comprehensive income (loss). All foreign exchange gains and losses are presented in the consolidated statement of comprehensive income (loss) within other expense. ii. Translation - the results and financial position of all the Company entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: ● Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; ● Income and expenses for each statement of comprehensive income (loss) are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and ● All resulting exchange differences have been recognized in other comprehensive income (loss) and accumulated as a separate component of equity.
Cash and Cash equivalents and restricted cash	(c) Cash and Cash equivalents and restricted cash Cash and cash equivalents consist of cash on hand, bank deposits and highly liquid short-term investments with a maturity date of three months or less when acquired. Restricted cash comprises cash deposited with banks, used to guarantee letters of credit issued by the Company.
Financial instruments	(d) Financial instruments Financial assets Routine purchases and sales of financial assets are recognized on trade date, the date on which the Company commits to purchase or sell the asset. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the consolidated statement of comprehensive income (loss). Subsequent measurement of debt instruments depends on the classification of financial assets determined at initial recognition. Classification of financial assets depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. The Company classifies and provides for financial assets as follows: ● Financial assets at fair value through profit or loss Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) ● Financial assets at fair value through other comprehensive income ● Financial assets at amortized cost At each balance sheet date, the Company assesses the expected credit losses associated with its financial assets carried at amortized cost and fair value through other comprehensive income. The impairment methodology applied depends on whether there has been a significant increase in credit risk. When sold or impaired, any accumulated fair value adjustments previously recognized are included in the consolidated statement of comprehensive income (loss). For trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. Derivative financial instruments The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations in commodity prices, including the Company’s final product, consumables and other currencies compared to the USD. Derivative financial instruments are measured at fair value at each reporting period. Non-hedged derivative financial instruments All derivative instruments not designated in a hedge relationship that qualifies for hedge accounting are classified as financial instruments at fair value through profit or loss. Changes in fair value of non-hedged derivative financial instruments are included in the consolidated statement of comprehensive income (loss) as non-hedged derivative gains or losses. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Financial liabilities Transaction costs associated with financial instruments, carried at fair value through profit or loss, are expensed as incurred, while transaction costs associated with all other financial instruments are included in the initial carrying amount of the asset or the liability. The amortization of debt issue costs is calculated using the effective interest method.
Inventories	(e) Inventories Silver-lead and silver-zinc in concentrate and ore stockpiles are physically measured or estimated and valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price, less estimated costs of completion and costs of selling final product. Cost is determined by the weighted average method and comprises direct purchase costs and an appropriate portion of fixed and variable overhead costs, including amortization, incurred in converting materials into finished goods. The cost of production is allocated to joint products using a ratio of weighted average volume by product at each month end. Separately identifiable costs of conversion of each metal concentrate are specifically allocated. Materials and supplies are valued at the lower of cost or net realizable value. Any provision for obsolescence is determined by reference to specific items. A regular review is undertaken to determine the extent of any provision for obsolescence by comparing items to their replacement costs. When inventories have been written down to net realizable value, the Company makes a new assessment of net realizable value in each subsequent period. If the circumstances that caused the write-down no longer exist, the remaining amount of the write-down is reversed.
Property, plant and equipment	(f) Property, plant and equipment Property, plant and equipment are carried at cost less accumulated amortization and any impairment charges. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate assets (major components) of property, plant and equipment. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in the consolidated statement of comprehensive income (loss) as incurred. Amortization is recorded over the useful life of the asset, or over the remaining life of the mine, if shorter, as follows: ● Mining properties – on a units-of-production basis; ● Associated mining equipment – 3 10 years ● Buildings – 20 years ● Processing equipment – 4 8 years Amortization charges on a unit-of-production basis are based on measured and indicated mineral resources. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) The method of amortization, estimates of residual values and useful lives are reassessed at least at each financial year-end, and any change in estimate is taken into account in the determination of future amortization charges.
Exploration and evaluation expenditures	(g) Exploration and evaluation expenditures Acquisitions of mineral rights are capitalized. Subsequent exploration and evaluation costs related to an area of interest are expensed as incurred on a project-by-project basis. When a licence is relinquished or a project is abandoned, the related costs are immediately recognized in the consolidated statement of comprehensive income (loss). Exploration properties that contain estimated Proven and Probable Mineral Reserves, but for which a development decision has not yet been made, are subject to periodic review for impairment when events or changes in circumstances indicate the project’s carrying value may not be recoverable. Exploration and evaluation assets are reclassified to “Mine Properties - Mines under construction” when the technical feasibility and commercial viability of extracting the Mineral Resources or Mineral Reserves are demonstrable and construction has commenced or a decision to construct has been made. Exploration and evaluation assets are assessed for impairment before reclassification to “Mines under construction”, and the impairment loss, if any, is recognized in the consolidated statement of comprehensive income (loss).
Development expenditure	(h) Development expenditure Development expenditures incurred by or on behalf of the Company are accumulated separately for each property in which an indicated resource has been identified. Such expenditures comprise costs directly attributable to the construction of a mine and the related infrastructure. General and administrative costs are allocated to a development asset only to the extent that those costs can be related directly to development activities in the relevant area of interest. Once a development decision has been taken, the development expenditure is classified under property, plant and equipment as ‘‘development properties’’. A development property is reclassified as a “mining property’’ at the end of the commissioning phase, when the mine is capable of operating in the manner intended by management. No amortization is recognized in respect of development properties until they are reclassified as “mining properties’’. Each development property is tested for impairment in accordance with the Company’s impairment policy.
Mining properties	(i) Mining properties When further development expenditures are incurred in respect of a mining property after the commencement of production, such expenditures are carried forward as part of the mining property when it is probable that additional future economic benefits associated with the expenditure will flow to the consolidated entity. Otherwise, such expenditures are classified as a cost of production. Amortization is charged using the units-of-production method. The units-of-production basis results in an amortization charge proportional to the depletion of measured and indicated resources. Mine properties are tested for impairment in accordance with the Company’s impairment policy.
Decommissioning and site rehabilitation provision	(j) Decommissioning and site rehabilitation provision The Company records the present value of estimated costs of legal and constructive obligations required to restore operating locations in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures, rehabilitating mines and tailings dams, dismantling operating facilities, closure of plant and waste sites, and restoration, reclamation and re-vegetation of affected areas. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a discount rate that reflects the current market assessments of the time value of money. When the liability is initially recognized, the present value of the estimated cost is capitalised by increasing the carrying amount of the related mining asset. The periodic unwinding of the discount applied in establishing the net present value of provisions due to the passage of time is recognized in the consolidated statement of comprehensive income (loss) as a finance cost. Changes in the rehabilitation estimate attributable to development will be recognized as additions or charges to the corresponding assets and rehabilitation liability when they occur.
Mineral Rights	(k) Mineral Rights Mineral rights are carried at cost and amortized using a units-of-production method based on the resources that exist in the location that has access to such rights. Methods of amortization and estimated useful lives are reassessed annually and any change in estimate is taken into account in the determination of future amortization charges.
Impairment	(l) Impairment i. Financial assets - a financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. ii. Non-financial assets - the carrying amounts of the Company’s non-financial assets, primarily property, plant and equipment and mineral rights, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, recoverable amount is estimated at the higher of the value-in-use and FVLCD. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into CGUs, the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets. An impairment loss is recognized if the carrying amount of an asset or the CGU exceeds its estimated recoverable amount. Impairment losses are recognized in the consolidated statement of comprehensive income (loss). Impairment losses recognized in respect of the CGU are allocated to reduce the carrying amount of assets in the CGU on a pro rata basis. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Non-financial assets that have been impaired in prior periods are tested for possible reversal of impairment whenever events or changes in circumstances indicate that the impairment has reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount but not beyond the carrying amount that would have been determined had no impairment loss been recognized for the asset in the prior periods. A reversal of an impairment loss is recognized in the consolidated statement of comprehensive income (loss).
Future Termination Benefits	(m) Future Termination Benefits Employees of the Company’s Mexican operations are entitled under local labour laws to employee departure indemnities, generally based on each employee’s length of service, employment category and remuneration. The cost of these retirement benefits is determined using the projected unit credit method. Current service cost and any past service cost are recognized in the same line item in the consolidated statement of comprehensive income (loss) as the related compensation cost. The most significant assumptions used in accounting for post employment benefits are the discount rate, turnover rate, salary and wage rate increase and the life of mine. The unwinding of the discount on these liabilities is charged to the Company’s consolidated statement of comprehensive income (loss) as interest cost. The values attributed to the liabilities are assessed in accordance with the advice of independent qualified actuaries.
Current and deferred income tax	(n) Current and deferred income tax The tax expense for the period is comprised of current and deferred tax. Tax is recognized in the consolidated statement of comprehensive income (loss), except to the extent that it relates to items recognized in other comprehensive income (loss) or directly in equity. The current income tax charge is calculated on the basis of the tax laws substantively enacted at the balance sheet date in the countries where the Company’s entities operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Where appropriate, the Company establishes provisions expected to be paid to the tax authorities. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is provided on temporary differences arising on investments in subsidiaries except in the case of a subsidiary where timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined on a non discount basis using tax rates (and laws) that have been substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. In assessing the need to recognize a deferred tax asset, management considers all available evidence including past operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. The Company recognizes neither the deferred tax asset regarding the temporary difference on the rehabilitation liability, nor the corresponding deferred tax liability regarding the temporary difference on the rehabilitation asset. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. i. Royalties - royalties, resource rent taxes and revenue-based taxes are accounted for under taxes when they have the characteristics of an income tax. This is considered to be the case when they are imposed under Government authority and the amount payable is based on taxable income – rather than based on quantity produced or as a percentage of revenue – after adjustment for temporary differences. For such arrangements, current and deferred tax is provided on the same basis as described above for other forms of taxation. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current provisions and included in cost of sales. The 7.5% 0.5%
Share-based payments	(o) Share-based payments i. Share option plan - employees (including directors and senior executives) of the Company receive a portion of their remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (“equity-settled transactions”). In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the Company, as consideration cannot be specifically identified, they are measured at fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received. ii. Equity-settled transactions - the costs of equity-settled transactions with employees are measured by reference to the fair value at the date on which they are granted using the Black-Scholes option-pricing model. The costs of equity-settled transactions are recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (“the vesting date”). The cumulative expense is recognized for equity-settled transactions at each reporting date until the vesting date reflects the Company’s best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and the corresponding amount is represented in contributed surplus. No expense is recognized for awards that do not ultimately vest. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) Where the terms of an equity-settled award are modified, the minimum expense recognized is the expense as if the terms had not been modified. An additional expense is recognized for any modification, which increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee as measured at the date of modification. The dilutive effect of outstanding options is reflected as additional dilution in the computation of earnings per share. iii. Cash-settled transactions - a Deferred Share Unit (“DSU”) Plan was established for directors of the Company. The cost of the DSUs is measured initially at fair value based on the closing price of the common shares preceding the day the DSUs are granted. The Company has the option of settling the DSUs in cash or common shares either from treasury or from market purchases. Accordingly, the expense is recorded in the consolidated statement of comprehensive income (loss) as share-based payments and credited to equity under contributed surplus. A Restricted Share Unit (“RSU”) Plan was established for directors, certain employees and eligible contractors of the Company. The cost of the RSUs is measured initially at fair value on the authorization date based on the market price of the common shares preceding the day the RSUs are authorized by the Board of Directors. The Company has the option of settling the RSUs in cash or common shares either from treasury or from market purchases. Accordingly, the expense is recorded in the consolidated statement of comprehensive income (loss) in share-based payments and credited to equity under contributed surplus.
Revenue recognition	(p) Revenue recognition Company policy requires all production to be sold under contract. Revenue is only recognized on individual concentrate shipments when following conditions are satisfied: ● Contracts with customers have been identified ● Performance obligations in the contract have been identified ● Transaction price is determined ● Transaction price is allocated to the performance obligations in the contract ● Performance obligation in the contract is satisfied Satisfaction of these conditions depends on the terms of trade with individual customers. Generally, control over goods are considered to have transferred to the customer upon delivery. Concentrate products are sold on a ‘provisional pricing’ basis where the sale price received by the group is subject to a final adjustment at the end of a period that may be up to three months after delivery to the customer. The final sale price is based on the market price on the quotational date in the contract of sale. Sales are initially recognized when the revenue recognition criteria have been satisfied, using market prices at that date. At each reporting date the provisionally priced shipment is marked to market based on the forward selling price for the quotational point specified in the contract until that point is reached. Revenue is only recognized on this basis where the forward selling price can be reliably measured. Many of the Company’s sales are subject to an adjustment based on confirmation of the technical specifications of each shipment by the customer. In such cases, revenue is recognized based on the group’s best estimate of the technical specifications at the time of shipment, and any subsequent adjustments are recorded against revenue when final specifications are confirmed and agreed to by both parties, as per the offtake agreement terms.
Earnings per share	(q) Earnings per share Basic earnings per share (“EPS”) is calculated by dividing the net income (loss) for the period attributable to equity owners by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. Excellon’s potentially dilutive common shares comprise stock options granted to employees and warrants.
Segment reporting	(r) Segment reporting The Company has two reportable segments based on a geographical basis. During the year, the Company operated in Mexico and Canada. The Mexican operation is principally engaged in the acquisition, exploration, evaluation, development and exploitation of mining properties. The Platosa property is in commercial production and is earning revenue through the sale of silver-lead concentrate and silver-zinc concentrate. The Canadian operations are principally engaged in the financing, acquisition, exploration and evaluation of mining properties. Segments are reviewed by the CEO, who is considered to be the chief operating decision maker.
Leases	(s) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The assets are amortized to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. In addition, the right-of-use assets may be periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Lease payments include fixed payments, and variable payments that are based on an index or a rate. Cash payments for the principal portion of the lease liability are presented within the financing activities and the interest portion of the lease liability is presented within the operating activities of the statement of cash flows. Short-term lease payments and variable lease payments not included in the measurement of the lease liability are presented within the operating activities of the statement of cash flows. Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) The lease liability is measured at amortized cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is re-measured in this way, a corresponding adjustment is either made to the carrying amount of the right-of-use asset or is recorded in the consolidated statement of comprehensive income (loss) if the carrying amount of the right-of-use asset has been reduced to zero. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for all its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying right-of-use ROU assets and lease liabilities.
Farm-out accounting	(t) Farm-out accounting Mineral rights held by the Company which are subject to a farm-out arrangement, where a farmee incurs certain expenditures on a property to earn an interest in that property, are accounted as follows: ● the Company does not record exploration expenditures made by the farmee on the property; ● any cash consideration and the initial fair value of any shares received is credited against the costs previously capitalized to the mineral rights; ● the change in fair value of any shares received by Company as part of a farm-out arrangement are recorded in the consolidated statement of comprehensive income (loss); and ● the Company uses the carrying value of the mineral rights before the farm-out arrangement as the carrying value for the portion of the interest retained (if any).
Accounting standards issued but not yet applied	(u) Accounting standards issued but not yet applied The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use In May 2020, the IASB issued Property, Plant and Equipment—Proceeds before Intended Use, which made amendments to IAS 16 Property, Plant and Equipment. The amendments prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use (i.e. pre-production revenue). Instead, a company will recognize such sales proceeds and related cost in the consolidated statement of comprehensive income (loss). The amendment is effective for annual periods beginning on or after January 1, 2022. The amendment is not currently applicable to the Company.

ACQUISITION OF OTIS GOLD CORP (

ACQUISITION OF OTIS GOLD CORP (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF PURCHASE PRICE OF ALLOCATION	The purchase price has been determined and allocated as follows: SCHEDULE OF PURCHASE PRICE OF ALLOCATION April 22, 2020 $ Purchase price Common shares of Excellon issued 16,370 Fair value of Excellon options issued 361 Fair value of Excellon warrants issued 233 Transaction costs 1,723 18,687 Assets acquired Cash 51 Tax receivables, prepaid expenses and other assets 24 Property, plant and equipment 35 Reclamation deposits 53 Right of use assets 48 Mineral rights - Oakley Project 5,332 Mineral rights - Kilgore Gold Project 13,711 Liabilities Assumed Trade payables (166 ) Convertible loan from Excellon (353 ) Current and long-term lease liabilities (48 ) 18,687
SCHEDULE OF FAIR VALUE OF WARRANT ASSUMPTION MODEL PRICING	SCHEDULE OF FAIR VALUE OF WARRANT ASSUMPTION MODEL PRICING Stock Options Warrants Exercise price C$ 1.10 7.65 C$ 3.30 Expected life (years) 0.23 4 1.9 Volatility 72.9% 87.9% 79.1 % Risk-free rate 0.66% 0.75% 0.66 %

MARKETABLE SECURITIES AND WAR_2

MARKETABLE SECURITIES AND WARRANTS (Tables)	12 Months Ended
	Dec. 31, 2021
Marketable Securities And Warrants
SCHEDULE OF FAIR VALUE OF MARKETABLE SECURITIES AND WARRANTS	SCHEDULE OF FAIR VALUE OF MARKETABLE SECURITIES AND WARRANTS 2021 2020 $ $ Marketable securities at fair value Opening balance 2,138 348 Additions - 995 Disposals (999 ) - Fair value (loss) gain (766 ) 645 Exchange differences 34 150 Closing balance 407 2,138 Warrants at fair value Opening balance 212 - Additions - 128 Fair value (loss) gain (167 ) 67 Exchange differences 2 17 Closing balance 47 212 Marketable securities and warrants 454 2,350

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF INVENTORIES	SCHEDULE OF INVENTORIES 2021 2020 $ $ Ore stockpiles (1) 587 453 Concentrate inventory (1) 250 4 Materials and supplies (2) 1,250 1,918 Inventories 2,087 2,375 (1) Change in inventories recorded in cost of sales (Note 20.a) excludes currency translation adjustment of $ 43 (2) On December 31, 2021, materials and supplies inventories were written down to net realisable value to align with current mining plans (Note 2). An amount of $ 759 was recorded in cost of sales.

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF OTHER CURRENT ASSETS	SCHEDULE OF OTHER CURRENT ASSETS 2021 2020 $ $ Income taxes recoverable 130 145 Prepaid expenses, deposits and bonds 708 390 Restricted cash 940 765 Forward foreign exchange contracts - 21 Others 88 12 Total other current assets 1,866 1,333

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT	SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT Mining properties Mining equipment Processing equipment Assets under construction Corporate and right of use assets Total $ $ $ $ $ $ At January 1, 2020 Cost 31,774 16,717 6,160 5,071 1,816 61,538 Accumulated amortization (20,198 ) (11,240 ) (5,036 ) - (246 ) (36,720 ) Opening net book value 11,576 5,477 1,124 5,071 1,570 24,818 Year ended December 31, 2020 Opening net book value 11,576 5,477 1,124 5,071 1,570 24,818 Additions 1,416 1,746 673 3,658 175 7,668 Reclassification 4,046 3,333 - (7,325 ) (54 ) - Depletion and amortization (2,191 ) (1,996 ) (298 ) - (307 ) (4,792 ) Impairment Exchange differences (2) (377 ) 160 (503 ) (882 ) (262 ) (1,864 ) Closing net book value 14,470 8,720 996 522 1,122 25,830 At December 31, 2020 Cost 36,400 21,272 6,075 522 1,944 66,213 Accumulated amortization (21,930 ) (12,552 ) (5,079 ) - (822 ) (40,383 ) Opening net book value 14,470 8,720 996 522 1,122 25,830 Year ended December 31, 2021 Opening net book value 14,470 8,720 996 522 1,122 25,830 Additions (1) 4,441 516 263 2,711 30 7,961 Reclassification 2,131 875 196 (3,202 ) - - Impairment (3) (10,471 ) (4,715 ) (738 ) - (231 ) (16,155 ) Depletion and amortization (4,532 ) (2,373 ) (275 ) - (348 ) (7,528 ) Exchange differences (2) (666 ) (333 ) (17 ) (31 ) (17 ) (1,064 ) Closing net book value 5,373 2,690 425 - 556 9,044 At December 31, 2021 Cost 41,962 21,995 6,367 - 1,935 72,259 Accumulated amortization and impairment (36,589 ) (19,305 ) (5,942 ) - (1,379 ) (63,215 ) Closing net book value 5,373 2,690 425 - 556 9,044 (1) During the year ended December 31, 2021, the Company incurred $ 2,711 3,658 (2) Unrealized foreign exchange losses on translation of Mexican peso assets at the period-end exchange rate. (3) On January 5, 2022, the Company announced that it was assessing the economic viability of mining at Platosa at achievable dewatering rates and with acceptable capital expenditures, beyond mid-2022. The mineral resources remaining beyond mid-2022 steepen significantly, with fewer vertical-tonnes-per-metre than historically encountered. Underground and surface drilling continued throughout Q1 2022; however, based on the recent drilling results and consideration of current and expected economic factors, the Company expects to wind down operations at Platosa during Q3 2022, subject to results from ongoing exploration programs. Considering results from exploration and drilling assessments in Q4 2021 and to date, the Company performed an impairment test on the Platosa Mine CGU and Miguel Auza processing facility CGU as of December 31, 2021. The recoverable amounts were calculated using the value-in-use method and estimated based on future cash flows. Key assumptions included future commodity prices, production based on current estimates of recoverable resources, and operating costs. In addition, the estimated residual value of Platosa’s property, plant and equipment required significant judgement. No discount rate was applied given the short-term nature of the cash flows. The estimated recoverable amount for the Platosa CGU and Miguel Auza CGU was $ 7,264 and $ 1,338 respectively. Consequently, an impairment loss of $ 15,403 was recognized as at December 31, 2021 ($ 14,293 on the Platosa Mine, $ 1,110 on Miguel Auza). 10 2,133 10 292 In Q3 2021, the Company had recorded an impairment loss of $ 752 on the Miguel Auza CGU reflecting the impact of the Judgment against San Pedro (Note 18). (3) On January 5, 2022, the Company announced that it was assessing the economic viability of mining at Platosa at achievable dewatering rates and with acceptable capital expenditures, beyond mid-2022. The mineral resources remaining beyond mid-2022 steepen significantly, with fewer vertical-tonnes-per-metre than historically encountered. Underground and surface drilling continued throughout Q1 2022; however, based on the recent drilling results and consideration of current and expected economic factors, the Company expects to wind down operations at Platosa during Q3 2022, subject to results from ongoing exploration programs. Considering results from exploration and drilling assessments in Q4 2021 and to date, the Company performed an impairment test on the Platosa Mine CGU and Miguel Auza processing facility CGU as of December 31, 2021. The recoverable amounts were calculated using the value-in-use method and estimated based on future cash flows. Key assumptions included future commodity prices, production based on current estimates of recoverable resources, and operating costs. In addition, the estimated residual value of Platosa’s property, plant and equipment required significant judgement. No discount rate was applied given the short-term nature of the cash flows. The estimated recoverable amount for the Platosa CGU and Miguel Auza CGU was $7,264 and $1,338 respectively. Consequently, an impairment loss of $15,403 was recognized as at December 31, 2021 ($14,293 on the Platosa Mine, $1,110 on Miguel Auza). The recoverable amount and impairment was most sensitive to the future commodity price assumption – a 10% change in commodity prices would result in a $2,133 change in the recoverable amount and impairment. A 10% change in the residual value of Platosa’s property, plant and equipment would result in a $292 change in the recoverable amount and impairment. On April 1, 2022 the labour action was resolved. In Q3 2021, the Company had recorded an impairment loss of $752 on the Miguel Auza CGU reflecting the impact of the Judgment against San Pedro (Note 18).

MINERAL RIGHTS (Tables)

MINERAL RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2021
Mineral Rights
SCHEDULE OF MINERAL RIGHTS	SCHEDULE OF MINERAL RIGHTS Platosa (Mexico) Beschefer (Canada) Silver City (Germany) (1) Kilgore (Idaho) (2) Oakley (Idaho) (3) Total $ $ $ $ $ $ At January 1, 2020 Cost 3,785 1,428 245 - - 5,458 Accumulated amortization (2,782 ) - - - - (2,782 ) Opening net book value 1,003 1,428 245 - - 2,676 Year ended December 31, 2020 Opening net book value 1,003 1,428 245 - - 2,676 Additions - - 317 13,756 5,364 19,437 Disposals - (1,348 ) - - - (1,348 ) Payments received under earn-in agreement Depletion and amortization (178 ) - - - - (178 ) Impairment Exchange differences (21 ) (80 ) 25 - - (76 ) Closing net book value 804 - 587 13,756 5,364 20,511 At December 31, 2020 Cost 3,721 - 587 13,756 5,364 23,428 Accumulated amortization (2,917 ) - - - - (2,917 ) Opening net book value 804 - 587 13,756 5,364 20,511 Year ended December 31, 2021 Opening net book value 804 - 587 13,756 5,364 20,511 Additions - - 459 - - 459 Payments received under earn-in agreement - - - - (75 ) (75 ) Depletion and amortization (219 ) - - - - (219 ) Impairment (4) (385 ) - - - - (385 ) Exchange differences (7 ) - (11 ) - - (18 ) Closing net book value 193 - 1,035 13,756 5,289 20,273 At December 31, 2021 Cost 3,665 - 1,035 13,756 5,289 23,745 Accumulated amortization (3,472 ) - - - - (3,472 ) Closing net book value 193 - 1,035 13,756 5,289 20,273 (1) On September 24, 2019 the Company signed an option agreement (the “Globex Agreement”) with Globex Mining Enterprises Inc. (“Globex”) to acquire a 100% 500 1,600 3% 2.5% reduced by 1% upon a payment of $1,500. Additional one-time payments of C$300 and C$700 will be made by the Company following any future announcement of a maiden resource on the property and upon achievement of commercial production from the project, respectively. Option payment date Number of shares issued Contractual value of shares issued Cash payment made Total – addition to September 24, 2019 45,367 C$ 225 C$ 100 $ 245 September 21, 2020 65,657 C$ 325 C$ 100 $ 317 September 22, 2021 232,240 C$ 425 C$ 100 $ 384 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) The Company has the option to issue shares to the value of C$ 625 200 In March 2021, the Frauenstein, Mohorn and Oederan exploration licenses were granted to the Company following applications to the Sächsisches Oberbergamt (Saxon Mining Authority), increasing the Silver City ground position by 17,600 hectares. (2) On April 22, 2020, the Company acquired the Kilgore Gold Project as part of the Otis acquisition. (3) On April 22, 2020, the Company acquired 100% ownership of the Oakley Project in Cassia County, Idaho as part of the Otis acquisition. On February 26, 2020, Otis entered into a definitive option agreement with Centerra Gold Inc. (“Centerra”) whereby Centerra can earn up to a 70% interest in the Oakley Project in exchange for total exploration expenditures of $ 7,000 550 In Q1 2021, the Company received a payment of $ 75 In Q1 2022, the Company received a payment of $ 100 (4) Refer to Note 11 – mineral rights related to the Platosa Mine were included in the Platosa CGU tested for impairment at December 31, 2021. An impairment of $ 385 was recorded.

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF LEASE OBLIGATIONS	SUMMARY OF LEASE OBLIGATIONS 2021 2020 $ $ Total discounted lease obligations 445 830 Less: current portion of lease obligations (212 ) (405 ) Non-current of lease obligations 233 425
SCHEDULE OF THE LEASE PAYMENTS	SCHEDULE OF THE LEASE PAYMENTS 2021 2020 $ $ Within 1 year 234 448 Between 1 and 5 years 243 455 Total undiscounted lease obligations 477 903

PROVISIONS (Tables)

PROVISIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Provisions [abstract]
SCHEDULE OF PROVISIONS	SCHEDULE OF PROVISIONS Post-retirement Rehabilitation benefits (1) provision (2) Total $ $ $ Year ended December 31, 2020 Opening balance 617 1,626 2,243 - - - Termination payments (113 ) - (113 ) Change in estimate 233 - 233 Accretion for the period 40 61 101 - - - Exchange differences (125 ) (131 ) (256 ) Closing balance 652 1,556 2,208 Current - - - Non-current 652 1,556 2,208 Year ended December 31, 2021 Opening balance 652 1,556 2,208 Termination payments (62 ) - (62 ) Change in estimate 968 223 1,191 Accretion for the period 236 85 321 Exchange differences 1 (51 ) (50 ) Closing balance 1,795 1,813 3,608 Current 1,795 - 1,795 Non-current - 1,813 1,813 (1) Post-retirement benefits: Under Mexican labour law, the Company provides post-retirement indemnities and severance benefits to its employees terminated under certain circumstances. Key assumptions used by the independent 3 rd 7.00% 4.86% 4% 22% 3.75% 3.75% 22% 5.31% Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) (2) Rehabilitation provision: Key financial assumptions used in the above estimate include independent 3rd party cost reports, an annual discount rate of 6.68% 7.19% 4.73% 1.9 1.0 0.9

CONVERTIBLE DEBENTURES (Tables)

CONVERTIBLE DEBENTURES (Tables)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF DEBT COMPONENT	SUMMARY OF DEBT COMPONENT $ CAD $ USD Year ended December 31, 2020 - - Proceeds on issuance of Debenture 17,910 13,334 Transaction costs paid (768 ) (572 ) Portion allocated to equity - conversion option and other features (8,683 ) (6,464 ) Interest expense 1,594 1,222 Value of shares issued to settle interest payable (754 ) (588 ) Exchange differences - 351 Closing balance 9,299 7,283 Year ended December 31, 2021 Opening balance 9,299 7,283 Interest expense 4,294 3,427 Value of shares issued to settle interest payable (1,791 ) (1,433 ) Exchange differences - (39 ) Closing balance 11,802 9,238

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF AUTHORIZED SHARE CAPITAL	The Company’s authorized share capital consists of an unlimited number of common shares. SCHEDULE OF AUTHORIZED SHARE CAPITAL Number of shares (000’s) $ Year ended December 31, 2019 Opening balance 19,841 106,786 Shares issued on exercise of stock options 10 38 Shares issued on exercise of RSUs and DSUs 40 245 Shares issued on exercise of warrants 370 699 Shares issued from bought deal (6) 2,185 6,903 Value of shares issued in asset acquisition (4) 45 169 Balance at December 31, 2019 22,491 114,840 Year ended December 31, 2020 Opening balance 22,491 114,840 Shares issued on exercise of stock options 261 602 Shares issued on exercise of RSUs and DSUs 382 1,627 Shares issued on exercise of warrants 2 8 Shares issued on acquisition of Otis Gold Corp (1) 8,131 16,370 Shares issued as part of Credit Facility (2) 107 180 Shares issued to settle payables (3) 671 1,738 Value of shares issued in asset acquisition (4) 66 246 Shares issued to settle interest on convertible debentures (5) 228 588 Balance at December 31, 2020 32,339 136,199 Year ended December 31, 2021 Opening balance 32,339 136,199 Shares issued on exercise of stock options 15 54 Shares issued on exercise of RSUs and DSUs 281 970 Value of shares issued in asset acquisition (4) 232 305 Shares issued to settle interest on convertible debentures (5) 896 1,433 Balance at December 31, 2021 33,763 138,961 (1) On April 22, 2020, the Company completed the acquisition of Otis. Otis shareholders received 0.046 8,130,630 2.85 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) (2) On March 16, 2020, the Company closed a $ 6,000 10% September 14, 2020 107,291 (3) During the second and third quarters of 2020, the Company issued 670,974 2,098 196 261 (4) On September 24, 2019, the Company announced the Globex Agreement. The first issuance of 45,367 225 or $169 100 65,657 common shares (valued at C$ 325 or $ 246 ) on September 21, 2020 and 232,240 common shares (valued at C$ 385 or $ 305 ) on September 22, 2021 (Note 11). (5) The Company elected to pay the December 31, 2020, June 30, 2021 and December 31, 2021 interest payments on the Debentures (Note 15) in common shares valued at C$ 754 588 888 727 903 706 (6) On August 27, 2019 the Company completed a public equity financing (the “2019 Bought Deal”) of 2,185,000 5.30 11,581 Each 2019 Public Unit comprised one common share and one half-warrant (“$ 7.00 7.00 two years 1,092,500 7.00 800
SCHEDULE OF OUTSTANDING NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES	SCHEDULE OF OUTSTANDING NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES Options Warrants Options Outstanding Weighted Average Exercise Price (CAD) Warrants Outstanding (2) Weighted Average Exercise Price (CAD) RSUs Outstanding DSUs Outstanding Outstanding at January 1, 2019 260,000 6.34 370,209 2.50 352,571 372,499 Granted/issued 241,000 4.68 1,092,500 7.00 369,795 95,073 Exercised/settled (10,000 ) 2.85 (370,209 ) 2.50 (39,833 ) - Expired (20,000 ) 5.78 - - - - Forfeited (10,000 ) 4.75 - - (110,047 ) - Outstanding at December 31, 2019 461,000 5.59 1,092,500 7.00 572,485 467,572 Exercisable at December 31, 2019 270,665 5.91 1,092,500 7.00 - - Outstanding at January 1, 2020 461,000 5.59 1,092,500 7.00 572,485 467,572 Granted/issued/acquired (1) 1,002,395 3.34 1,448,488 5.23 337,331 217,264 Exercised/settled (260,596 ) 1.93 (2,400 ) 3.45 (224,750 ) (193,506 ) Expired (332,359 ) 5.20 - - (91,332 ) - Forfeited (23,003 ) 4.26 - - (128,223 ) - Outstanding at December 31, 2020 847,437 4.21 2,538,588 6.00 465,511 491,330 Exercisable at December 31, 2020 548,009 4.52 2,538,588 6.00 - 98,417 Outstanding at January 1, 2021 847,437 4.21 2,538,588 6.00 465,511 491,330 Granted/issued 257,500 3.73 - - 466,122 209,353 Exercised/settled (15,000 ) 3.05 - - (41,117 ) (244,485 ) Expired (104,366 ) 5.61 (1,092,400 ) 7.00 (54,448 ) - Forfeited (40,084 ) 3.85 - - (168,659 ) - Outstanding at December 31, 2021 945,487 3.96 1,446,188 5.24 667,409 456,198 Exercisable at December 31, 2021 816,987 4.03 1,446,188 5.24 - - (1) On April 22, 2020, the Company issued 531,895 305,060 3.30 130,365 July 22, 2020 (2) The Company has the following warrants outstanding at December 31, 2021: ● 302,760 3.30 March 29, 2022 ● 1,143,428 5.75 July 30, 2023
SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE	SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE Exercise Price Range (CAD) Stock Options Outstanding Weighted Average Remaining Contractual Life (years) Stock Options Exercisable Weighted Average $ 0.00 1.99 45,000 2.80 11,250 1.80 $ 2.00 3.99 423,037 1.64 411,787 3.02 $ 4.00 5.99 414,450 2.36 330,950 4.53 $ 6.00 7.99 5,000 1.30 5,000 7.50 $ 8.00 9.99 58,000 0.63 58,000 8.49 945,487 1.95 816,987 4.03 Options outstanding and exercisable as at December 31, 2020 were as follows: Exercise Price Range (CAD) Stock Options Outstanding Weighted Average Remaining Contractual Life (years) Stock Options Exercisable Weighted Average $ 2.00 3.99 502,487 2.42 294,235 3.07 $ 4.00 5.99 243,950 3.19 152,774 4.75 $ 6.00 7.99 15,000 1.40 15,000 7.63 $ 8.00 9.99 86,000 1.59 86,000 8.53 847,437 2.54 548,009 4.52 Options outstanding and exercisable as at December 31, 2019 were as follows: Exercise Price Range (CAD) Stock Options Outstanding Weighted Average Remaining Contractual Life (years) Stock Options Exercisable Weighted Average $ 0.00 2.49 24,000 0.84 24,000 1.55 $ 2.50 4.99 247,000 3.40 110,999 3.85 $ 5.00 7.49 - - - - $ 7.50 9.99 155,000 2.47 135,666 8.35 426,000 2.92 270,665 5.90
SCHEDULE OF MEASUREMENT OF THE OPTION FAIR VALUES AT GRANT DATE	SCHEDULE OF MEASUREMENT OF THE OPTION FAIR VALUES AT GRANT DATE 2021 2020 2019 Fair value at grant date (CAD) $ 2.03 $ 1.64 $ 2.90 Share price at grant date (CAD) $ 3.73 $ 3.34 $ 4.65 Exercise price (CAD) $ 3.73 $ 3.34 $ 4.65 Risk free interest rate 0.39 % 0.56 % 1.71 % Expected life of options in years 3.26 5.00 5.00 Expected volatility 80.37 % 74.81 % 77.63 % Expected dividend yield 0.00 % 0.00 % 0.00 % Estimated forfeiture rate 5.87 % 4.76 % 5.40 %
SCHEDULE OF SHARE BASED COMPENSATION EXPENSE	SCHEDULE OF SHARE BASED COMPENSATION EXPENSE 2021 2020 2019 $ $ $ Stock options 475 469 421 RSU 454 788 344 DSU 613 618 337 1,542 1,875 1,102

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
Profit or loss [abstract]
SCHEDULE OF LOSS PER SHARE	SCHEDULE OF LOSS PER SHARE 2021 2020 2019 Net loss for the year $ (57,773 ) $ (16,020 ) $ (10,075 ) Weighted average number of shares outstanding - basic and diluted 32,662,594 28,881,800 20,674,866 Net loss per share - basic and diluted $ (1.77 ) $ (0.55 ) $ (0.49 )

PROVISION FOR LITIGATION (Table

PROVISION FOR LITIGATION (Tables)	12 Months Ended
	Dec. 31, 2021
Provision For Litigation
SCHEDULE OF PROVISION FOR LITIGATION	SCHEDULE OF PROVISION FOR LITIGATION 2021 2020 $ $ Opening balance - - Provision recognized 22,282 - Transfer from accruals 243 - Interest 1 - Exchange differences (1) (364 ) - Closing balance 22,162 - (1) Exchange differences include unrealized foreign exchange (debit of $ 294) 658

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF RECOGNIZED AMOUNTS RELATED TO REVENUE	The Company recognized the following amounts related to revenue: SCHEDULE OF RECOGNIZED AMOUNTS RELATED TO REVENUE 2021 2020 2019 $ $ $ Concentrate revenue from contracts with customers 37,846 25,970 26,017 Provisional pricing adjustments on concentrate sales 109 (264 ) (468 ) Revenue from toll milling services - 496 920 Total revenue 37,955 26,202 26,469
SCHEDULE OF DISAGGREGATION OF REVENUE	The following table sets out the disaggregation of revenue by metal and form of sale: SCHEDULE OF DISAGGREGATION OF REVENUE 2021 2020 2019 $ $ $ Concentrate revenue: Silver 24,043 16,963 13,693 Lead 5,730 3,571 4,422 Zinc 8,182 5,172 7,434 Revenue from toll milling services - 496 920 Total revenue 37,955 26,202 26,469

EXPENSES BY NATURE (Tables)

EXPENSES BY NATURE (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF COST OF SALES	(a) Cost of sales consist of the following: SCHEDULE OF COST OF SALES 2021 2020 2019 $ $ $ Direct mining and milling costs (1) 26,630 19,604 22,541 Changes in inventories (2) (423 ) 143 193 Depletion and amortization 7,300 4,649 4,708 Toll milling costs - 234 482 Cost of sales 33,507 24,630 27,924 (1) Direct mining and milling costs include personnel, general and administrative, fuel, electricity, maintenance and repair costs as well as operating supplies, external services and transport fees. (2) Changes in inventories reflect the net cost of ore and concentrate (i) sold during the current period but produced in a previous period (an addition to direct mining and milling costs) or (ii) produced but not sold in the current period (a deduction from direct mining and milling costs).
SCHEDULE OF ADMINISTRATIVE EXPENSES	(b) Administrative expenses consist of the following: SCHEDULE OF ADMINISTRATIVE EXPENSES 2021 2020 2019 $ $ $ Office and overhead 2,303 1,822 1,772 Salaries and wages 1,938 1,777 1,442 Corporate development and legal 290 794 182 Public company costs 169 237 52 Administrative expenses 4,700 4,630 3,448
SCHEDULE OF OTHER INCOME EXPENSES	(c) Other expenses (income) consist of the following: SCHEDULE OF OTHER INCOME EXPENSES 2021 2020 2019 $ $ $ Fair value loss (gain) on marketable securities (Note 6) 766 (645 ) (289 ) Fair value loss (gain) on purchase warrants (Note 6) 167 (67 ) - Loss (gain) on disposal of assets - 188 (19 ) Unrealized foreign exchange loss (gain) 367 653 (360 ) Realized foreign exchange (gain) loss (120 ) 276 (115 ) Interest income and other (304 ) (133 ) 1 Shares issued at a discount to settle payables (Note 16) - 196 - Management fee income (Note 11) (118 ) (95 ) - Other expenses (income) 758 373 (782 )

EXPLORATION AND HOLDING EXPEN_2

EXPLORATION AND HOLDING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF EXPLORATION AND HOLDING EXPENSES	Exploration and holding expenses were incurred on the following projects: SCHEDULE OF EXPLORATION AND HOLDING EXPENSES 2021 2020 2019 $ $ $ Platosa property (Mexico) - exploration work (1) 1,730 857 2,690 - holding costs 197 180 275 Evolución (Mexico) - exploration work 226 319 586 - holding costs 286 263 247 Silver City (Germany) - exploration work 3,190 1,672 55 - holding costs (2) - - - Kilgore (USA) - exploration work 1,434 638 - - holding costs 131 103 - Exploration and holding expenses 7,194 4,032 3,853 (1) Platosa property exploration excludes underground drilling at the Platosa Mine which is capitalized to Property, plant and equipment (Note 10). (2) There are no annual fees associated with exploration licenses in Saxony, Germany. See Note 11 for capitalized earn-in payments under the Globex Agreement.

FINANCE EXPENSES (Tables)

FINANCE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF FINANCE EXPENSES	Finance expenses consist of the following: SCHEDULE OF FINANCE EXPENSES 2021 2020 2019 $ $ $ Interest expense - Debentures (1) 3,427 1,222 - Interest expense - other 110 759 71 Rehabilitation provision - accretion 85 61 26 Post-retirement benefits - accretion 37 40 62 Gain on change in fair value of purchase warrant liabilities - - (335 ) Unrealized loss on currency hedges 21 426 (119 ) Finance expenses 3,680 2,508 (295 ) (1) The Debentures are recorded at amortized cost and accreted to the principal amount over the term of the Debentures (Note 15). For the year ended December 31, 2021, $ 1,433 588 1,994 634

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF PROVINCIAL INCOME TAX RATES	SCHEDULE OF PROVINCIAL INCOME TAX RATES 2021 2020 2019 $ $ $ Statutory tax rates 26.5 % 26.5 % 26.5 % Income tax (recovery) computed at the statutory rates (13,964 ) (3,243 ) (2,399 ) Non-deductible items 1,210 (1,996 ) 120 Change in tax benefit not recognized 18,501 9,098 2,933 Foreign tax differentials (1,028 ) (355 ) (267 ) Other 259 112 735 Special mining royalty 100 167 (100 ) Provision for income taxes 5,078 3,783 1,022
SCHEDULE OF PROVISION FOR INCOME TAXES	Provision for income taxes consists of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 2021 2020 2019 $ $ $ Current income taxes 270 305 299 Deferred income taxes 4,808 3,478 723 Provision for income taxes 5,078 3,783 1,022
SCHEDULE OF DEFERRED INCOME TAX ASSETS (LIABILITIES)	The following table reflects the Company’s deferred income tax assets (liabilities): SCHEDULE OF DEFERRED INCOME TAX ASSETS (LIABILITIES) 2021 2020 2019 $ $ $ Non-capital losses carried forward 1,712 1,521 9,010 Resource related assets - 1,285 1,061 Property, plant and equipment - 2,079 (697 ) Deferred income and other - 1 6 Accrued revenue - 26 10 Prepaid expenses, deposits and other (1,844 ) 233 1,504 Net Capital Losses 132 - - Deferred tax assets - 5,145 10,894 Prepaid expenses, deposits and other (612 ) (611 ) (659 ) Special mining royalty - (318 ) (152 ) Deferred tax liabilities (612 ) (929 ) (811 ) Net deferred tax (liablities) assets (612 ) 4,216 10,083
SUMMARY OF TEMPORARY DIFFERENCES	The following temporary differences have not been recognized in the consolidated financial statements. SUMMARY OF TEMPORARY DIFFERENCES 2021 2020 2019 $ $ $ Non-capital losses carried forward 55,573 57,299 23,982 Capital losses 3,613 1,214 3,697 Resource related deductions 31,204 22,510 20,961 Share issuance costs 1 9 26 Property, plant and equipment 12,043 206 141 Prepaid expenses, deposits and other 31,420 2,160 1,522 Temporary Differences and Non-capital Losses 133,854 83,398 50,330
SUMMARY OF NON-CAPITAL LOSSES	As at December 31, 2021, the Company has non-capital losses to be carried forward and applied against taxable income of future years. The non-capital losses have expiry dates as follows: SUMMARY OF NON-CAPITAL LOSSES 2021 2020 2019 $ $ $ 2021 1,426 1,471 1,551 2022 - - - 2023 - - - 2024 and thereafter 60,593 62,678 52,466 Non-capital losses carry forward 62,018 64,149 54,017

KEY MANAGEMENT TRANSACTIONS (Ta

KEY MANAGEMENT TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF KEY MANAGEMENT TRANSACTIONS	Remuneration to directors and key management who have the authority and responsibility for planning, directing and continuing the activities of the Company: SCHEDULE OF KEY MANAGEMENT TRANSACTIONS 2021 2020 2019 $ $ $ Salaries, fees and benefits 1,342 1,510 1,227 Director’s fees 311 285 315 Share-based payments 970 1,175 962 Remuneration expenses 2,623 2,970 2,504

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF THREE LEVELS OF FAIR VALUE HIERARCHY	SCHEDULE OF THREE LEVELS OF FAIR VALUE HIERARCHY Fair value 2021 2020 hierarchy $ $ Financial assets Fair value through profit and loss Marketable securities Level 1 407 2,138 Warrants Level 2 47 212 Trade receivables Level 2 326 1,782 Forward foreign exchange contracts Level 2 - 21 Total Financial Assets 780 4,153

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2021
SCHEDULE OF SEGMENT REPORTING	SCHEDULE OF SEGMENT REPORTING MEXICO CORPORATE TOTAL 2021 2020 2021 2020 2021 2020 $ $ $ $ $ $ Property, plant and equipment 8,535 24,877 509 953 9,044 25,830 Additions - Property, plant and equipment 7,931 7,620 30 48 7,961 7,668 Mineral rights 193 804 20,080 19,707 20,273 20,511 Additions - Mineral rights - - 459 19,437 459 19,437 Total assets (1) 15,309 40,897 26,251 32,382 41,560 73,279 Total liabilities (Note 18) 34,173 11,959 11,874 10,878 46,047 22,837 (1) Certain comparative period balances related to deferred income tax have been reallocated between segments to conform with the current period allocation. As a result, total assets for Mexico and Corporate as at December 31, 2020, previously reported as $ 63,062 10,217 40,897 32,382 Excellon Resources Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2021, 2020 and 2019 (in thousands of U.S. dollars, except share and per share data) 2021 2020 2019 $ $ $ MEXICO Revenue 37,955 26,202 26,469 Cost of sales (33,507 ) (24,630 ) (27,924 ) Exploration and holding expenses (2,439 ) (1,619 ) (3,789 ) Other income (expenses) 215 (1,058 ) 826 Provision for litigation (Note 18) (22,282 ) - - Impairment loss (Note 10 and 11) (16,540 ) - - Finance expenses (183 ) (136 ) (40 ) Income tax expense (5,075 ) (5,497 ) (928 ) Net loss (41,856 ) (6,738 ) (5,386 ) CORPORATE General and administrative expenses (6,689 ) (6,896 ) (4,823 ) Exploration and holding expenses (4,755 ) (2,413 ) (64 ) Other (expenses) income (973 ) 685 (44 ) Finance (expenses) income (3,497 ) (2,372 ) 335 Income tax (expense) recovery (3 ) 1,714 (93 ) Net loss (15,917 ) (9,282 ) (4,689 ) Net loss (57,773 ) (16,020 ) (10,075 )

GENERAL INFORMATION (Details Na

GENERAL INFORMATION (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
General Information
Repairs and maintenance expense	$ 3,300

BASIS OF PRESENTATION AND GOI_2

BASIS OF PRESENTATION AND GOING CONCERN (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shareholders' deficit	$ 4,487	$ (50,442)
Working capital	21,908
Provision for litigation	$ 22,162

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2021
IfrsStatementLineItems [Line Items]
Percentage of ownership in subsidiary	100.00%
Percentage of mexican royalty	7.50%
Percentage of extraordinary royalty	0.50%
Mining assets [member] | Bottom of range [member]
IfrsStatementLineItems [Line Items]
Remaining useful life of asset	3 years
Mining assets [member] | Top of range [member]
IfrsStatementLineItems [Line Items]
Remaining useful life of asset	10 years
Buildings [member]
IfrsStatementLineItems [Line Items]
Remaining useful life of asset	20 years
Processing Equipment [Member] | Bottom of range [member]
IfrsStatementLineItems [Line Items]
Remaining useful life of asset	4 years
Processing Equipment [Member] | Top of range [member]
IfrsStatementLineItems [Line Items]
Remaining useful life of asset	8 years

SCHEDULE OF PURCHASE PRICE OF A

SCHEDULE OF PURCHASE PRICE OF ALLOCATION (Details) $ in Thousands, $ in Thousands	Apr. 22, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)
IfrsStatementLineItems [Line Items]
Transaction costs		$ (572)	$ (768)
Otis Gold Corp [Member]
IfrsStatementLineItems [Line Items]
Common shares of Excellon issued	$ 16,370
Fair value of Excellon options issued	361
Fair value of Excellon warrants issued	233
Transaction costs	1,723
Total purchase price	18,687
Cash	51
Tax receivables, prepaid expenses and other assets	24
Property, plant and equipment	35
Reclamation deposits	53
Right of use assets	48
Mineral rights - Oakley Project	5,332
Mineral rights - Kilgore Gold Project	13,711
Trade payables	(166)
Convertible loan from Excellon	(353)
Current and long-term lease liabilities	(48)
Total assets and liabilities assumed	$ 18,687

SCHEDULE OF FAIR VALUE OF WARRA

SCHEDULE OF FAIR VALUE OF WARRANT ASSUMPTION MODEL PRICING (Details)	12 Months Ended
	Dec. 31, 2020$ / shares
IfrsStatementLineItems [Line Items]
Volatility, minimum	72.90%
Volatility, maximum	87.90%
Risk-free rate, minimum	0.66%
Risk-free rate, maximum	0.75%
Warrants [Member]
IfrsStatementLineItems [Line Items]
Exercise price	$ 3.30
Expected life (years)	1 year 10 months 24 days
Volatility	79.10%
Risk-free rate	0.66%
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Exercise price	$ 1.10
Expected life (years)	2 months 23 days
Top of range [member]
IfrsStatementLineItems [Line Items]
Exercise price	$ 7.65
Expected life (years)	4 years

ACQUISITION OF OTIS GOLD CORP_2

ACQUISITION OF OTIS GOLD CORP (Details Narrative) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands	Apr. 22, 2020USD ($)$ / sharesshares	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Apr. 22, 2020CAD ($)$ / sharesshares	Dec. 31, 2019$ / shares
IfrsStatementLineItems [Line Items]
Price per share		$ 2.03	$ 1.64		$ 2.90
Otis Gold Corp [Member]
IfrsStatementLineItems [Line Items]
Price per share				$ 2.85
Intercompany loan | $				$ 500
Acquisition related transaction costs | $				$ 856
Otis Gold Corp [Member] | Exchange Ratio [Member]
IfrsStatementLineItems [Line Items]
Price per share	$ 0.046
Shares issued during the period for acquisition | shares				8,130,630
Shares issued during the period for acquisition, value | $	$ 16,370
Otis Gold Corp [Member] | Replacement Options [Member]
IfrsStatementLineItems [Line Items]
Issuance of stock option | shares	531,895
Otis Gold Corp [Member] | Replacement Warrants [Member]
IfrsStatementLineItems [Line Items]
Issuance of warrants | shares				305,060
Exercise price of warrants				$ 3.30

SCHEDULE OF FAIR VALUE OF MARKE

SCHEDULE OF FAIR VALUE OF MARKETABLE SECURITIES AND WARRANTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Marketable Securities And Warrants
Marketable securities at fair value, opening balance	$ 2,138	$ 348
Marketable securities at fair value, additions		995
Marketable securities at fair value, disposals	(999)
Marketable securities at fair value, fair value (loss) gain	(766)	645
Marketable securities at fair value, exchange differences	34	150
Marketable securities at fair value, closing balance	407	2,138
Warrants at fair value, opening balance	212
Warrants at fair value, additions		128
Warrants at fair value, fair value (loss) gain	(167)	67
Warrants at fair value, exchange differences	2	17
Warrants at fair value, closing balance	47	212
Marketable securities and warrants	$ 454	$ 2,350

MARKETABLE SECURITIES AND WAR_3

MARKETABLE SECURITIES AND WARRANTS (Details Narrative) $ / shares in Units, $ in Thousands, $ in Thousands	Mar. 17, 2021$ / sharesshares	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)$ / sharesshares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018shares	Dec. 31, 2020$ / shares	Dec. 31, 2019$ / shares
IfrsStatementLineItems [Line Items]
Shares at average price | $ / shares			$ 2.03					$ 1.64	$ 2.90
Proceeds from shares issued | $						$ 7,982
Wallbridge Mining Company Ltd [Member]
IfrsStatementLineItems [Line Items]
Number of common shares issued			2,200,000
Shares at average price | $ / shares			$ 0.57
Proceeds from shares issued		$ 999	$ 1,247
Option Agreement [Member] | Wallbridge Mining Company Ltd [Member]
IfrsStatementLineItems [Line Items]
Initial consideration of marketable securities							500,000
Amended Agreement [Member] | Wallbridge Mining Company Ltd [Member]
IfrsStatementLineItems [Line Items]
Additional number of shares received	3,000,000
Warrant term	5 years
Amended Agreement [Member] | Wallbridge Mining Company Ltd [Member] | Warrants [Member]
IfrsStatementLineItems [Line Items]
Warrant shares	500,000
Warrant strike price | $ / shares	$ 1

VAT RECOVERABLE (Details Narrat

VAT RECOVERABLE (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Deferred tax assets		$ 5,145	$ 10,894
MEXICO
IfrsStatementLineItems [Line Items]
Deferred tax assets	800	1,800
GERMANY
IfrsStatementLineItems [Line Items]
Deferred tax assets	700	200
CANADA
IfrsStatementLineItems [Line Items]
Deferred tax assets	$ 100	$ 100

SCHEDULE OF INVENTORIES (Detail

SCHEDULE OF INVENTORIES (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Inventories		$ 2,087	$ 2,375
Ore Stockpiles [Member]
IfrsStatementLineItems [Line Items]
Inventories	[1]	587	453
Concentrate Inventory [Member]
IfrsStatementLineItems [Line Items]
Inventories	[1]	250	4
Materials And Supplies [Member]
IfrsStatementLineItems [Line Items]
Inventories	[2]	$ 1,250	$ 1,918
[1]	Change in inventories recorded in cost of sales (Note 20.a) excludes currency translation adjustment of $ 43
[2]	On December 31, 2021, materials and supplies inventories were written down to net realisable value to align with current mining plans (Note 2). An amount of $

SCHEDULE OF INVENTORIES (Deta_2

SCHEDULE OF INVENTORIES (Details) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Currency translation adjustment	$ 43
Inventory write-down	$ 759

SCHEDULE OF OTHER CURRENT ASSET

SCHEDULE OF OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income taxes recoverable	$ 130	$ 145
Prepaid expenses, deposits and bonds	708	390
Restricted cash	940	765
Forward foreign exchange contracts		21
Others	88	12
Total other current assets	$ 1,866	$ 1,333

SCHEDULE OF PROPERTY, PLANT AND

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Opening net book value		$ 25,830
Impairment		(16,540)
Closing net book value		9,044		25,830
Mining Properties [Member]
IfrsStatementLineItems [Line Items]
Cost		36,400		31,774
Accumulated amortization		(21,930)		(20,198)
Opening net book value		14,470		11,576
Additions		4,441	[1]	1,416
Reclassification		2,131		4,046
Depletion and amortization		(4,532)		(2,191)
Impairment	[2]	(10,471)
Increase (decrease) through net exchange differences, property, plant and equipment	[3]	(666)		(377)
Closing net book value		5,373		14,470	11,576
Cost		41,962		36,400	31,774
Accumulated amortization and impairment		(36,589)		(21,930)	(20,198)
Mining Equipment [Member]
IfrsStatementLineItems [Line Items]
Cost		21,272		16,717
Accumulated amortization		(12,552)		(11,240)
Opening net book value		8,720		5,477
Additions		516	[1]	1,746
Reclassification		875		3,333
Depletion and amortization		(2,373)		(1,996)
Impairment	[2]	(4,715)
Increase (decrease) through net exchange differences, property, plant and equipment	[3]	(333)		160
Closing net book value		2,690		8,720	5,477
Cost		21,995		21,272	16,717
Accumulated amortization and impairment		(19,305)		(12,552)	(11,240)
Processing Equipment [Member]
IfrsStatementLineItems [Line Items]
Cost		6,075		6,160
Accumulated amortization		(5,079)		(5,036)
Opening net book value		996		1,124
Additions		263	[1]	673
Reclassification		196
Depletion and amortization		(275)		(298)
Impairment	[2]	(738)
Increase (decrease) through net exchange differences, property, plant and equipment	[3]	(17)		(503)
Closing net book value		425		996	1,124
Cost		6,367		6,075	6,160
Accumulated amortization and impairment		(5,942)		(5,079)	(5,036)
Assets Under Construction [Member]
IfrsStatementLineItems [Line Items]
Cost		522		5,071
Accumulated amortization
Opening net book value		522		5,071
Additions		2,711	[1]	3,658
Reclassification		(3,202)		(7,325)
Depletion and amortization
Impairment	[2]
Increase (decrease) through net exchange differences, property, plant and equipment	[3]	(31)		(882)
Closing net book value				522	5,071
Cost				522	5,071
Accumulated amortization and impairment
Corporate And Rightofuse Assets [Member]
IfrsStatementLineItems [Line Items]
Cost		1,944		1,816
Accumulated amortization		(822)		(246)
Opening net book value		1,122		1,570
Additions		30	[1]	175
Reclassification				(54)
Depletion and amortization		(348)		(307)
Impairment	[2]	(231)
Increase (decrease) through net exchange differences, property, plant and equipment	[3]	(17)		(262)
Closing net book value		556		1,122	1,570
Cost		1,935		1,944	1,816
Accumulated amortization and impairment		(1,379)		(822)	(246)
Total [Member]
IfrsStatementLineItems [Line Items]
Cost		66,213		61,538
Accumulated amortization		(40,383)		(36,720)
Opening net book value		25,830		24,818
Additions		7,961	[1]	7,668
Reclassification
Depletion and amortization		(7,528)		(4,792)
Impairment	[2]	(16,155)
Increase (decrease) through net exchange differences, property, plant and equipment	[3]	(1,064)		(1,864)
Closing net book value		9,044		25,830	24,818
Cost		72,259		66,213	61,538
Accumulated amortization and impairment		$ (63,215)		$ (40,383)	$ (36,720)
[1]	During the year ended December 31, 2021, the Company incurred $ 2,711 3,658
[2]	On January 5, 2022, the Company announced that it was assessing the economic viability of mining at Platosa at achievable dewatering rates and with acceptable capital expenditures, beyond mid-2022. The mineral resources remaining beyond mid-2022 steepen significantly, with fewer vertical-tonnes-per-metre than historically encountered. Underground and surface drilling continued throughout Q1 2022; however, based on the recent drilling results and consideration of current and expected economic factors, the Company expects to wind down operations at Platosa during Q3 2022, subject to results from ongoing exploration programs. Considering results from exploration and drilling assessments in Q4 2021 and to date, the Company performed an impairment test on the Platosa Mine CGU and Miguel Auza processing facility CGU as of December 31, 2021. The recoverable amounts were calculated using the value-in-use method and estimated based on future cash flows. Key assumptions included future commodity prices, production based on current estimates of recoverable resources, and operating costs. In addition, the estimated residual value of Platosa’s property, plant and equipment required significant judgement. No discount rate was applied given the short-term nature of the cash flows. The estimated recoverable amount for the Platosa CGU and Miguel Auza CGU was $7,264 and $1,338 respectively. Consequently, an impairment loss of $15,403 was recognized as at December 31, 2021 ($14,293 on the Platosa Mine, $1,110 on Miguel Auza). The recoverable amount and impairment was most sensitive to the future commodity price assumption – a 10% change in commodity prices would result in a $2,133 change in the recoverable amount and impairment. A 10% change in the residual value of Platosa’s property, plant and equipment would result in a $292 change in the recoverable amount and impairment. On April 1, 2022 the labour action was resolved. In Q3 2021, the Company had recorded an impairment loss of $752 on the Miguel Auza CGU reflecting the impact of the Judgment against San Pedro (Note 18).
[3]	Unrealized foreign exchange losses on translation of Mexican peso assets at the period-end exchange rate.

SCHEDULE OF PROPERTY, PLANT A_2

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reserve Quantities [Line Items]
Sustaining capital expenditures incurred		$ 2,711	$ 3,658
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9		16,540
Platosa Mine C G U [Member]
Reserve Quantities [Line Items]
Estimated recoverable amount		7,264
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9		$ 14,293
Future commodity price assumption rate		10.00%
Commodity price for change in recoverable amount and impairment		$ 2,133
Residual value for change in recoverable amount and impairment		292
Miguel Auza CGU [Member]
Reserve Quantities [Line Items]
Estimated recoverable amount		1,338
Platosa Mine And Miguel Auza [Member]
Reserve Quantities [Line Items]
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9		15,403
Miguel Auza [Member]
Reserve Quantities [Line Items]
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9	$ 752	$ 1,110

SCHEDULE OF MINERAL RIGHTS (Det

SCHEDULE OF MINERAL RIGHTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Payments received under earn-in agreement	$ (75)
Impairment	(16,540)
Mineral Rights Platosa Mexico [Member]
IfrsStatementLineItems [Line Items]
Cost	3,721	3,785
Accumulated amortization	(2,917)	(2,782)
Opening net book value	804	1,003
Additions
Disposals
Payments received under earn-in agreement
Depletion and amortization	(219)	(178)
Impairment	(385)
Exchange differences	(7)	(21)
Closing net book value	193	804	1,003
Cost	3,665	3,721	3,785
Accumulated amortization	(3,472)	(2,917)	(2,782)
Mineral Rights Beschefer Canada [Member]
IfrsStatementLineItems [Line Items]
Cost		1,428
Accumulated amortization
Opening net book value		1,428
Additions
Disposals		(1,348)
Payments received under earn-in agreement
Depletion and amortization
Impairment
Exchange differences		(80)
Closing net book value			1,428
Cost			1,428
Accumulated amortization
Mineral Rights Silver City Germany [Member]
IfrsStatementLineItems [Line Items]
Cost	587	245
Accumulated amortization
Opening net book value	587	245
Additions	459	317
Disposals
Payments received under earn-in agreement
Depletion and amortization
Impairment
Exchange differences	(11)	25
Closing net book value	1,035	587	245
Cost	1,035	587	245
Accumulated amortization
Mineral Rights Kilgore Idaho [Member]
IfrsStatementLineItems [Line Items]
Cost	13,756
Accumulated amortization
Opening net book value	13,756
Additions		13,756
Disposals
Payments received under earn-in agreement
Depletion and amortization
Impairment
Exchange differences
Closing net book value	13,756	13,756
Cost	13,756	13,756
Accumulated amortization
Mineral Rights Oakley Idaho [Member]
IfrsStatementLineItems [Line Items]
Cost	5,364
Accumulated amortization
Opening net book value	5,364
Additions		5,364
Disposals
Payments received under earn-in agreement	(75)
Depletion and amortization
Impairment
Exchange differences
Closing net book value	5,289	5,364
Cost	5,289	5,364
Accumulated amortization
Total [Member]
IfrsStatementLineItems [Line Items]
Cost	23,428	5,458
Accumulated amortization	(2,917)	(2,782)
Opening net book value	20,511	2,676
Additions	459	19,437
Disposals		(1,348)
Payments received under earn-in agreement	(75)
Depletion and amortization	(219)	(178)
Impairment	(385)
Exchange differences	(18)	(76)
Closing net book value	20,273	20,511	2,676
Cost	23,745	23,428	5,458
Accumulated amortization	$ (3,472)	$ (2,917)	$ (2,782)

SCHEDULE OF MINERAL RIGHTS (D_2

SCHEDULE OF MINERAL RIGHTS (Details) (Parenthetical) $ in Thousands, $ in Thousands

Sep. 22, 2021USD ($)shares

Sep. 22, 2021CAD ($)shares

Sep. 21, 2020USD ($)shares

Sep. 21, 2020CAD ($)shares

Apr. 22, 2020

Feb. 26, 2020USD ($)

Sep. 24, 2019USD ($)shares

Sep. 24, 2019CAD ($)shares

Mar. 31, 2022USD ($)

Mar. 31, 2021USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

IfrsStatementLineItems [Line Items]

Payment received earn-in agreement

$ 100

$ 75

Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9

$ 16,540

Platosa Mine [Member]

IfrsStatementLineItems [Line Items]

Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9

$ 385

Mineral Rights Silver City Germany [Member] | Globex Agreement [Member] | Globex Mining Enterprises Inc [Member]

IfrsStatementLineItems [Line Items]

Acquisition of equity, percentage

100.00%

100.00%

Payment for acquisition

$ 500

Shares issued during the period for acquisition, value

$ 1,600

Royalty for precious metals

3.00%

3.00%

Royalty for other metals

2.50%

2.50%

Reduction on royalty description

reduced by 1% upon a payment of $1,500.

reduced by 1% upon a payment of $1,500.

Addition one time payments

Additional one-time payments of C$300 and C$700 will be made by the Company following any future announcement of a maiden resource on the property and upon achievement of commercial production from the project, respectively.

Additional one-time payments of C$300 and C$700 will be made by the Company following any future announcement of a maiden resource on the property and upon achievement of commercial production from the project, respectively.

Mineral Rights Silver City Germany [Member] | Globex Agreement [Member] | Globex Mining Enterprises Inc [Member] | First Issuance [Member]

IfrsStatementLineItems [Line Items]

Payment for acquisition

$ 100

$ 100

$ 100

Shares issued during the period for acquisition, value

$ 425

$ 325

$ 225

Shares issued during the period for acquisition | shares

232,240,000

232,240,000

65,657,000

65,657,000

45,367

45,367

Additions

$ 384

$ 317

$ 245

Mineral Rights Silver City Germany [Member] | Globex Agreement [Member] | Globex Mining Enterprises Inc [Member] | Second Issuance [Member]

IfrsStatementLineItems [Line Items]

Payment for acquisition

$ 200

Shares issued during the period for acquisition, value

$ 625

Otis Gold Corp [Member]

IfrsStatementLineItems [Line Items]

Acquisition of equity, percentage

100.00%

Otis Gold Corp [Member] | Kilgore Gold Project [Member]

IfrsStatementLineItems [Line Items]

Project descriptions

On April 22, 2020, the Company acquired the Kilgore Gold Project as part of the Otis acquisition.

Otis Gold Corp [Member] | Definitive Option Agreement [Member] | Centerra Gold Inc [Member]

IfrsStatementLineItems [Line Items]

Payment for acquisition

$ 550

Project descriptions

Otis entered into a definitive option agreement with Centerra Gold Inc. (“Centerra”) whereby Centerra can earn up to a 70% interest in the Oakley Project in exchange for total exploration expenditures of $7,000 and cash payments to the Company of $550 over a six-year period. Excellon was Project Manager and earned 10% of the approved exploration expenditures for technical oversight and project management until November 30, 2021. Centerra now manages the Oakley Project directly.

Exploration expenditures

$ 7,000

TRADE AND OTHER PAYABLES (Detai

TRADE AND OTHER PAYABLES (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Trade payables	$ 3,990	$ 4,252
Trade and other payables	8,143	8,172
Accruals and other payables	4,153	3,920
Payables for purchase of non-current assets	543	173
Mexico [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Trade and other payables	$ 2,989	$ 2,429

SUMMARY OF LEASE OBLIGATIONS (D

SUMMARY OF LEASE OBLIGATIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total discounted lease obligations	$ 445	$ 830
Less: current portion of lease obligations	(212)	(405)
Non-current of lease obligations	$ 233	$ 425

SCHEDULE OF THE LEASE PAYMENTS

SCHEDULE OF THE LEASE PAYMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Total undiscounted lease obligations	$ 477	$ 903
Not later than one year [member]
IfrsStatementLineItems [Line Items]
Total undiscounted lease obligations	234	448
Between One And Five Years [Member]
IfrsStatementLineItems [Line Items]
Total undiscounted lease obligations	$ 243	$ 455

LEASE OBLIGATIONS (Details Narr

LEASE OBLIGATIONS (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest expense on lease liabilities	$ 44	$ 69

SCHEDULE OF PROVISIONS (Details

SCHEDULE OF PROVISIONS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Opening balance		$ 2,208	$ 2,243
Provision recognized
Termination payments		(62)	(113)
Change in estimate		1,191	233
Accretion for the period		321	101
Interest
Exchange differences		(50)	(256)
Closing balance		3,608	2,208
Current		1,795
Non-current		1,813	2,208
Post-employment medical defined benefit plans [member]
IfrsStatementLineItems [Line Items]
Opening balance	[1]	652	617
Provision recognized
Termination payments	[1]	(62)	(113)
Change in estimate	[1]	968	233
Accretion for the period	[1]	236	40
Interest
Exchange differences	[1]	1	(125)
Closing balance	[1]	1,795	652
Current	[1]	1,795
Non-current	[1]		652
Pension defined benefit plans [member]
IfrsStatementLineItems [Line Items]
Opening balance	[2]	1,556	1,626
Provision recognized
Termination payments	[2]
Change in estimate	[2]	223
Accretion for the period	[2]	85	61
Interest
Exchange differences	[2]	(51)	(131)
Closing balance	[2]	1,813	1,556
Current	[2]
Non-current	[2]	$ 1,813	$ 1,556
[1]	Post-retirement benefits: Under Mexican labour law, the Company provides post-retirement indemnities and severance benefits to its employees terminated under certain circumstances. Key assumptions used by the independent 3 rd 7.00% 4.86% 4% 22% 3.75% 3.75% 22% 5.31%
[2]	Rehabilitation provision: Key financial assumptions used in the above estimate include independent 3rd party cost reports, an annual discount rate of 6.68% 7.19% 4.73% 1.9 1.0 0.9

SCHEDULE OF PROVISIONS (Detai_2

SCHEDULE OF PROVISIONS (Details) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pension defined benefit plans [member]
IfrsStatementLineItems [Line Items]
Actuarial assumption of discount rates	7.00%	4.86%
Employee turnover rate	4.00%	22.00%
Actuarial assumption of expected rates of salary increases	3.75%	3.75%
Minimum wage increase rate	22.00%	5.31%
Post-employment medical defined benefit plans [member]
IfrsStatementLineItems [Line Items]
Undiscounted amount of obligations	$ 1.9
Post-employment medical defined benefit plans [member] | Platosa Mine [Member]
IfrsStatementLineItems [Line Items]
Actuarial assumption of discount rates	6.68%
Undiscounted amount of obligations	$ 1
Post-employment medical defined benefit plans [member] | Miguel Auza [Member]
IfrsStatementLineItems [Line Items]
Actuarial assumption of discount rates	7.19%
Undiscounted amount of obligations	$ 0.9
Post-employment medical defined benefit plans [member] | Platosa Mine And Miguel Auza [Member]
IfrsStatementLineItems [Line Items]
Actuarial assumption of discount rates		4.73%

CONVERTIBLE DEBENTURES (Details

CONVERTIBLE DEBENTURES (Details Narrative) $ / shares in Units, $ in Thousands, $ in Thousands	Jul. 30, 2020USD ($)shares	Jul. 30, 2020CAD ($)shares	Jun. 30, 2021USD ($)	Jun. 30, 2021CAD ($)	Dec. 31, 2021USD ($)		Dec. 31, 2021CAD ($)	Dec. 31, 2020USD ($)		Dec. 31, 2020CAD ($)	Jun. 30, 2022$ / shares	Jul. 30, 2020CAD ($)$ / sharesshares
Disclosure of detailed information about borrowings [line items]
Proceeds from convertible debentures								$ 13,334		$ 17,910
Transaction costs								(572)		(768)
Convertible debentures, interest payable settled with shares					$ 1,433	[1]	$ 1,791	588	[1]	754
Interest expense on debt instruments issued					3,427		4,294	1,222		1,594
Secured Convertible Debentures [Member]
Disclosure of detailed information about borrowings [line items]
Proceeds from convertible debentures | $		$ 17,910
Debt term	36 months	36 months
Debt conversion price												$ 5.30
Debt annual interest rate	5.75%											5.75%
Debt effective annual rate	10.00%											10.00%
Warrants to purchase common stock | shares	1,006,542											1,006,542
Warrant exercise price												$ 5.75
Warrant expiration date	Jul. 30, 2023	Jul. 30, 2023
Proceeds from debentures	$ 12,800	$ 17,100
Transaction costs	572	$ 768
Fair value of debt	6,298											$ 8,459
Residual portion of convertible option	4,751											6,382
Deferred tax recovery	$ 1,713											$ 2,301
Convertible debentures, interest payable settled with shares			$ 727	$ 888	706		903	$ 588		$ 754
Interest expense on debt instruments issued					$ 3,427		$ 4,294
Secured Convertible Debentures [Member] | Broker Warrant [Member]
Disclosure of detailed information about borrowings [line items]
Warrant expiration date	Jul. 30, 2023	Jul. 30, 2023
Warrants granted | shares	136,887	136,887
Secured Convertible Debentures [Member] | Top of range [member]
Disclosure of detailed information about borrowings [line items]
Debt conversion price											$ 12.50
[1]	The Company elected to pay the December 31, 2020, June 30, 2021 and December 31, 2021 interest payments on the Debentures (Note 15) in common shares valued at C$ 754 588 888 727 903 706

SUMMARY OF DEBT COMPONENT (Deta

SUMMARY OF DEBT COMPONENT (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)		Dec. 31, 2021CAD ($)	Dec. 31, 2020USD ($)		Dec. 31, 2020CAD ($)
Opening balance	$ 7,283		$ 9,299
Proceeds on issuance of Debenture				13,334		17,910
Transaction costs paid				(572)		(768)
Portion allocated to equity - conversion option and other features				(6,464)		(8,683)
Interest expense	3,427		4,294	1,222		1,594
Value of shares issued to settle interest payable	(1,433)	[1]	(1,791)	(588)	[1]	(754)
Exchange differences	(39)			351
Closing balance	$ 9,238		$ 11,802	$ 7,283		$ 9,299
[1]	The Company elected to pay the December 31, 2020, June 30, 2021 and December 31, 2021 interest payments on the Debentures (Note 15) in common shares valued at C$ 754 588 888 727 903 706

SCHEDULE OF AUTHORIZED SHARE CA

SCHEDULE OF AUTHORIZED SHARE CAPITAL (Details) $ in Thousands, $ in Thousands		3 Months Ended		12 Months Ended
		Dec. 31, 2020USD ($)shares	Jun. 30, 2020shares	Dec. 31, 2021USD ($)shares		Dec. 31, 2021CAD ($)shares	Dec. 31, 2020USD ($)shares		Dec. 31, 2020CAD ($)shares		Dec. 31, 2019USD ($)shares
Opening balance				32,339,000		32,339,000	22,491,000		22,491,000		19,841,000
Opening balance, value | $				$ 136,199			$ 114,840				$ 106,786
Shares issued on exercise of stock options				15,000		15,000	261,000		261,000		10,000
Shares issued on exercise of stock options, value | $				$ 54			$ 602				$ 38
Shares issued on exercise of RSUs and DSUs				281,000		281,000	382,000		382,000		40,000
Shares issued on exercise of RSUs and DSUs, value | $				$ 970			$ 1,627				$ 245
Shares issued on exercise of warrants							2,000		2,000		370,000
Shares issued on exercise of warrants, value | $							$ 8				$ 699
Shares issued from bought deal	[1]										2,185,000
Shares issued from bought deal, value | $	[1]										$ 6,903
Value of shares issued in asset acquisition	[2]			232,000		232,000	66,000		66,000		45,000
Value of shares issued in asset acquisition, value | $	[2]			$ 305			$ 246				$ 169
Ending balance		32,339,000		33,763,000		33,763,000	32,339,000		32,339,000		22,491,000
Ending balance, value | $		$ 136,199		$ 138,961			$ 136,199				$ 114,840
Shares issued on acquisition of Otis Gold Corp	[3]						8,131,000		8,131,000
Shares issued on acquisition of Otis Gold Corp, value | $	[3]						$ 16,370
Shares issued as part of Credit Facility	[4]						107,000		107,000
Shares issued as part of Credit Facility, value | $	[4]						$ 180
Shares issued to settle payables, shares		670,974	670,974				671,000	[5]	671,000	[5]
Shares issued to settle payables | $	[5]						$ 1,738
Shares issued to settle interest on convertible debentures	[6]			896,000		896,000	228,000		228,000
Shares issued to settle interest on convertible debentures, value				$ 1,433	[6]	$ 1,791	$ 588	[6]	$ 754
[1]	On August 27, 2019 the Company completed a public equity financing (the “2019 Bought Deal”) of 2,185,000 5.30 11,581 Each 2019 Public Unit comprised one common share and one half-warrant (“$ 7.00 7.00 two years 1,092,500 7.00 800
[2]	On September 24, 2019, the Company announced the Globex Agreement. The first issuance of 45,367 225 or $169 100 65,657 common shares (valued at C$ 325 or $ 246 ) on September 21, 2020 and 232,240 common shares (valued at C$ 385 or $ 305 ) on September 22, 2021 (Note 11).
[3]	On April 22, 2020, the Company completed the acquisition of Otis. Otis shareholders received 0.046 8,130,630 2.85
[4]	On March 16, 2020, the Company closed a $ 6,000 10% September 14, 2020 107,291
[5]	During the second and third quarters of 2020, the Company issued 670,974 2,098 196 261
[6]	The Company elected to pay the December 31, 2020, June 30, 2021 and December 31, 2021 interest payments on the Debentures (Note 15) in common shares valued at C$ 754 588 888 727 903 706

SCHEDULE OF AUTHORIZED SHARE _2

SCHEDULE OF AUTHORIZED SHARE CAPITAL (Details) (Parenthetical) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands

Apr. 22, 2020$ / sharesshares

Mar. 16, 2020USD ($)shares

Sep. 24, 2019CAD ($)shares

Aug. 27, 2019CAD ($)shares

Dec. 31, 2020USD ($)shares

Jun. 30, 2020USD ($)shares

Dec. 31, 2021USD ($)

Dec. 31, 2021CAD ($)

Dec. 31, 2020USD ($)shares

Dec. 31, 2019USD ($)

Dec. 31, 2021CAD ($)$ / shares

Sep. 22, 2021USD ($)shares

Sep. 22, 2021CAD ($)shares

Dec. 31, 2020CAD ($)$ / shares

Sep. 21, 2020USD ($)shares

Sep. 21, 2020CAD ($)shares

Jun. 30, 2020CAD ($)

Apr. 22, 2020$ / shares

Dec. 31, 2019$ / shares

Aug. 27, 2019$ / shares

Aug. 27, 2019$ / shares

IfrsStatementLineItems [Line Items]

Price per share | $ / shares

$ 2.03

$ 1.64

$ 2.90

Repayment of credit facility | $

$ 6,000

Shares issued to settle payables, shares | shares

670,974

670,974

671,000

[1]

Trade payables | $

$ 2,098

Other expenses

196

$ 261

Interest payments on debentures

$ 588

$ 727

$ 706

$ 588

$ 903

$ 754

$ 888

Globex Agreement [Member]

IfrsStatementLineItems [Line Items]

Number of shares issued | shares

232,240

232,240

65,657

65,657

Value of common shares issued

$ 305

$ 385

$ 246

$ 325

2019 Offering [Member]

IfrsStatementLineItems [Line Items]

Price per share | $ / shares

$ 5.30

Shares issued during the period public equity financing, shares | shares

2,185,000

Proceeds from offering | $

$ 11,581

Warrants to purchase common stock, description

Each 2019 Public Unit comprised one common share and one half-warrant (“$7.00 Warrant”) with each whole warrant entitling the holder to acquire a common share at a price of C$7.00 for a period of two years ending August 27, 2021.

Exercise price of warrants | (per share)

$ 7

$ 7,000

Warrant term

2 years

Issuance of warrants | shares

1,092,500

Payments for broker and underwriting fees | $

$ 800

Bridge Loan Credi Facility [Member]

IfrsStatementLineItems [Line Items]

Repayment of credit facility | $

$ 6,000

Borrowings, interest rate

10.00%

Borrowings, maturity

September 14, 2020

Bridge Loan Credi Facility [Member] | Sprott Private Resource Lending II [Member]

IfrsStatementLineItems [Line Items]

Number of common stock issued for credit facility | shares

107,291

First Issuance [Member] | Globex Agreement [Member]

IfrsStatementLineItems [Line Items]

Shares issued during the period for acquisition | shares

45,367

Shares issued during the period for acquisition, value | $

$ 225

Payment for purchase of shares | $

$ 100

Otis Gold Corp [Member]

IfrsStatementLineItems [Line Items]

Price per share | $ / shares

$ 2.85

Otis Gold Corp [Member] | Exchange Ratio [Member]

IfrsStatementLineItems [Line Items]

Price per share | $ / shares

$ 0.046

Shares issued during the period for acquisition | shares

8,130,630

[1]

During the second and third quarters of 2020, the Company issued 670,974 2,098 196 261

SCHEDULE OF OUTSTANDING NUMBER

SCHEDULE OF OUTSTANDING NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES (Details)		Apr. 22, 2020shares	Dec. 31, 2021shares$ / shares	Dec. 31, 2020shares$ / shares		Dec. 31, 2019shares$ / shares
IfrsStatementLineItems [Line Items]
Outstanding, Beginning Balance			847,437	426,000
Outstanding, Ending Balance			945,487	847,437		426,000
Exercisable, Ending Balance			816,987	548,009		270,665
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares			$ 4.03	$ 4.52		$ 5.90
Warrants [Member]
IfrsStatementLineItems [Line Items]
Outstanding, Beginning Balance	[1]		2,538,588	1,092,500		370,209
Weighted Average Exercise Price, Beginning Balance | $ / shares			$ 6	$ 7		$ 2.50
Granted/issued/acquired	[1]			1,448,488	[2]	1,092,500
Weighted Average Exercise Price, Granted/issued/acquired (Note 5) | $ / shares				$ 5.23	[2]	$ 7
Exercised/settled	[1]			(2,400)		(370,209)
Weighted Average Exercise Price, Exercised/settled | $ / shares				$ 3.45		$ 2.50
Expired	[1]		(1,092,400)
Weighted Average Exercise Price, Expired | $ / shares			$ 7
Forfeited	[1]
Weighted Average Exercise Price, Forfeited | $ / shares
Outstanding, Ending Balance	[1]		1,446,188	2,538,588		1,092,500
Weighted Average Exercise Price, Ending Balance | $ / shares			$ 5.24	$ 6		$ 7
Exercisable, Ending Balance	[1]		1,446,188	2,538,588		1,092,500
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares			$ 5.24	$ 6		$ 7
Stock Options [Member]
IfrsStatementLineItems [Line Items]
Outstanding, Beginning Balance			847,437	461,000		260,000
Weighted Average Exercise Price, Beginning Balance | $ / shares			$ 4.21	$ 5.59		$ 6.34
Granted/issued/acquired		531,895	257,500	1,002,395	[2]	241,000
Weighted Average Exercise Price, Granted/issued/acquired (Note 5) | $ / shares			$ 3.73	$ 3.34	[2]	$ 4.68
Exercised/settled			(15,000)	(260,596)		(10,000)
Weighted Average Exercise Price, Exercised/settled | $ / shares			$ 3.05	$ 1.93		$ 2.85
Expired		(130,365)	(104,366)	(332,359)		(20,000)
Weighted Average Exercise Price, Expired | $ / shares			$ 5.61	$ 5.20		$ 5.78
Forfeited			(40,084)	(23,003)		(10,000)
Weighted Average Exercise Price, Forfeited | $ / shares			$ 3.85	$ 4.26		$ 4.75
Outstanding, Ending Balance			945,487	847,437		461,000
Weighted Average Exercise Price, Ending Balance | $ / shares			$ 3.96	$ 4.21		$ 5.59
Exercisable, Ending Balance			816,987	548,009		270,665
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares			$ 4.03	$ 4.52		$ 5.91
Restricted Stock Units (RSUs) [Member]
IfrsStatementLineItems [Line Items]
Outstanding, Beginning Balance			465,511	572,485		352,571
Granted/issued/acquired			466,122	337,331	[2]	369,795
Exercised/settled			(41,117)	(224,750)		(39,833)
Expired			(54,448)	(91,332)
Forfeited			(168,659)	(128,223)		(110,047)
Outstanding, Ending Balance			667,409	465,511		572,485
Exercisable, Ending Balance
Deferred Stock Units (DSUs) [Member]
IfrsStatementLineItems [Line Items]
Outstanding, Beginning Balance			491,330	467,572		372,499
Granted/issued/acquired			209,353	217,264	[2]	95,073
Exercised/settled			(244,485)	(193,506)
Expired
Forfeited
Outstanding, Ending Balance			456,198	491,330		467,572
Exercisable, Ending Balance				98,417
[1]	The Company has the following warrants outstanding at December 31, 2021:
[2]	On April 22, 2020, the Company issued 531,895 305,060 3.30 130,365 July 22, 2020

SCHEDULE OF OUTSTANDING NUMBE_2

SCHEDULE OF OUTSTANDING NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES (Details) (Parenthetical)	Apr. 22, 2020$ / shares	Apr. 22, 2020shares$ / shares	Apr. 22, 2020$ / shares	Dec. 31, 2021shares	Dec. 31, 2020shares		Dec. 31, 2019shares
3.30 Warrants [Member]
IfrsStatementLineItems [Line Items]
Issuance of warrants		305,060	3.30
Warrants Exercise Price 3.30 Warrants [Member]
IfrsStatementLineItems [Line Items]
Issuance of warrants		302,760	3.30
Warrants expiration date	Mar. 29, 2022
Warrants Exercise Price 5.75 [Member]
IfrsStatementLineItems [Line Items]
Issuance of warrants		1,143,428
Warrants expiration date	Jul. 30, 2023
Warrant exercise price | $ / shares	$ 5.75	$ 5.75	$ 5.75
Stock Options [Member]
IfrsStatementLineItems [Line Items]
Issuance of stock option		531,895		257,500	1,002,395	[1]	241,000
Number of stock options expired		130,365		104,366	332,359		20,000
Stock option expired	Jul. 22, 2020
[1]	On April 22, 2020, the Company issued 531,895 305,060 3.30 130,365 July 22, 2020

SCHEDULE OF OPTIONS OUTSTANDING

SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE (Details)	12 Months Ended
	Dec. 31, 2021shares$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2019shares$ / shares
IfrsStatementLineItems [Line Items]
Stock Options Outstanding | shares	945,487	847,437	426,000
Weighted Average Remaining Life (years)	1 year 11 months 12 days	2 years 6 months 14 days	2 years 11 months 1 day
Stock Options Exercisable | shares	816,987	548,009	270,665
Weighted Average Exercise Price	$ 4.03	$ 4.52	$ 5.90
Exercise Price One [Member]
IfrsStatementLineItems [Line Items]
Stock Options Outstanding | shares	45,000	502,487	24,000
Weighted Average Remaining Life (years)	2 years 9 months 18 days	2 years 5 months 1 day	10 months 2 days
Stock Options Exercisable | shares	11,250	294,235	24,000
Weighted Average Exercise Price	$ 1.80	$ 3.07	$ 1.55
Exercise Price Two [Member]
IfrsStatementLineItems [Line Items]
Stock Options Outstanding | shares	423,037	243,950	247,000
Weighted Average Remaining Life (years)	1 year 7 months 20 days	3 years 2 months 8 days	3 years 4 months 24 days
Stock Options Exercisable | shares	411,787	152,774	110,999
Weighted Average Exercise Price	$ 3.02	$ 4.75	$ 3.85
Exercise Price Three [Member]
IfrsStatementLineItems [Line Items]
Stock Options Outstanding | shares	414,450	15,000
Weighted Average Remaining Life (years)	2 years 4 months 9 days	1 year 4 months 24 days
Stock Options Exercisable | shares	330,950	15,000
Weighted Average Exercise Price	$ 4.53	$ 7.63
Exercise Price Four [Member]
IfrsStatementLineItems [Line Items]
Stock Options Outstanding | shares	5,000	86,000	155,000
Weighted Average Remaining Life (years)	1 year 3 months 18 days	1 year 7 months 2 days	2 years 5 months 19 days
Stock Options Exercisable | shares	5,000	86,000	135,666
Weighted Average Exercise Price	$ 7.50	$ 8.53	$ 8.35
Exercise Price Five [Member]
IfrsStatementLineItems [Line Items]
Stock Options Outstanding | shares	58,000
Weighted Average Remaining Life (years)	7 months 17 days
Stock Options Exercisable | shares	58,000
Weighted Average Exercise Price	$ 8.49
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Exercise Price Range		1.10
Bottom of range [member] | Exercise Price One [Member]
IfrsStatementLineItems [Line Items]
Exercise Price Range	0	2	0
Bottom of range [member] | Exercise Price Two [Member]
IfrsStatementLineItems [Line Items]
Exercise Price Range	2	4	2.50
Bottom of range [member] | Exercise Price Three [Member]
IfrsStatementLineItems [Line Items]
Exercise Price Range	4	6	5
Bottom of range [member] | Exercise Price Four [Member]
IfrsStatementLineItems [Line Items]
Exercise Price Range	6	8	7.50
Bottom of range [member] | Exercise Price Five [Member]
IfrsStatementLineItems [Line Items]
Exercise Price Range	8
Top of range [member]
IfrsStatementLineItems [Line Items]
Exercise Price Range		7.65
Top of range [member] | Exercise Price One [Member]
IfrsStatementLineItems [Line Items]
Exercise Price Range	1.99	3.99	2.49
Top of range [member] | Exercise Price Two [Member]
IfrsStatementLineItems [Line Items]
Exercise Price Range	3.99	5.99	4.99
Top of range [member] | Exercise Price Three [Member]
IfrsStatementLineItems [Line Items]
Exercise Price Range	5.99	7.99	7.49
Top of range [member] | Exercise Price Four [Member]
IfrsStatementLineItems [Line Items]
Exercise Price Range	7.99	$ 9.99	$ 9.99
Top of range [member] | Exercise Price Five [Member]
IfrsStatementLineItems [Line Items]
Exercise Price Range	$ 9.99

SCHEDULE OF MEASUREMENT OF THE

SCHEDULE OF MEASUREMENT OF THE OPTION FAIR VALUES AT GRANT DATE (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair value at grant date	$ 2.03	$ 1.64	$ 2.90
Share price at grant date	3.73	3.34	4.65
Exercise price	$ 3.73	$ 3.34	$ 4.65
Risk free interest rate	0.39%	0.56%	1.71%
Expected life of options in years	3 years 3 months 3 days	5 years	5 years
Expected volatility	80.37%	74.81%	77.63%
Expected dividend yield	0.00%	0.00%	0.00%
Estimated forfeiture rate	5.87%	4.76%	5.40%

SCHEDULE OF SHARE BASED COMPENS

SCHEDULE OF SHARE BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Share-based compensation expenses	$ 1,542	$ 1,875	$ 1,102
Stock Options [Member]
IfrsStatementLineItems [Line Items]
Share-based compensation expenses	475	469	421
Restricted Stock Units (RSUs) [Member]
IfrsStatementLineItems [Line Items]
Share-based compensation expenses	454	788	344
Deferred Stock Units (DSUs) [Member]
IfrsStatementLineItems [Line Items]
Share-based compensation expenses	$ 613	$ 618	$ 337

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands	Apr. 27, 2021shares$ / shares	Aug. 27, 2019USD ($)shares$ / shares	Aug. 27, 2019CAD ($)shares	Aug. 27, 2019$ / shares
Warrants Exercise Price 7.00 [Member]
IfrsStatementLineItems [Line Items]
Warrant exercise price | $ / shares	$ 7
Issuance of warrants	1,092,400
2019 Offering [Member]
IfrsStatementLineItems [Line Items]
Proceeds from common stock after transaction cost		$ 8,000	$ 10,510
Warrant exercise price | (per share)		$ 7		$ 7,000
Issuance of warrants		1,092,500	1,092,500

SCHEDULE OF LOSS PER SHARE (Det

SCHEDULE OF LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Profit or loss [abstract]
Net loss for the year	$ (57,773)	$ (16,020)	$ (10,075)
Weighted average number of shares outstanding - basic and diluted	32,662,594	28,881,800	20,674,866
Net loss per share - basic and diluted	$ (1.77)	$ (0.55)	$ (0.49)

SCHEDULE OF PROVISION FOR LITIG

SCHEDULE OF PROVISION FOR LITIGATION (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Provision For Litigation
Opening balance
Provision recognized		22,282
Transfer from accruals		243
Interest		1
Exchange differences	[1]	(364)
Closing balance		$ 22,162
[1]	Exchange differences include unrealized foreign exchange (debit of $ 294) 658

SCHEDULE OF PROVISION FOR LIT_2

SCHEDULE OF PROVISION FOR LITIGATION (Details) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Provision For Litigation
Unrealized foreign exchange debit	$ 294
Unrealized foreign exchange credit	$ 658

PROVISION FOR LITIGATION (Detai

PROVISION FOR LITIGATION (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
DisclosureOfProvisionForLitigationLineItems [Line Items]
Provision for legal litigation		$ 22,175
Assets	[1]	41,560	$ 73,279
Property, plant and equipment		9,044	$ 25,830
San Pedro [Member]
DisclosureOfProvisionForLitigationLineItems [Line Items]
Assets		3,100
Property, plant and equipment		1,400
Value added tax recoverable		1,300
Other financial assets		$ 400
Platosa Project Net Smelter Return [Member]
DisclosureOfProvisionForLitigationLineItems [Line Items]
Minimum payment for plaintiff		$ 2.5
Interest rate of plaintiff		3.00%
Payment for royalty		$ 500
Description of plaintiff an award of damages		The Plaintiff was initially awarded damages of $700 in the court of first instance in Torreón, Coahuila. Both San Pedro and the Plaintiff appealed the decision to the Second District State Court in the Judicial District of Torreón. That Court confirmed the initial decision but, subsequently, pursuant to an order obtained by the Plaintiff, granted the Plaintiff an award of $
[1]	Certain comparative period balances related to deferred income tax have been reallocated between segments to conform with the current period allocation. As a result, total assets for Mexico and Corporate as at December 31, 2020, previously reported as $ 63,062 10,217 40,897 32,382

SCHEDULE OF RECOGNIZED AMOUNTS

SCHEDULE OF RECOGNIZED AMOUNTS RELATED TO REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentrate revenue from contracts with customers	$ 37,846	$ 25,970	$ 26,017
Provisional pricing adjustments on concentrate sales	109	(264)	(468)
Revenue from toll milling services		496	920
Total revenue	$ 37,955	$ 26,202	$ 26,469

SCHEDULE OF DISAGGREGATION OF R

SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Total revenue	$ 37,955	$ 26,202	$ 26,469
Concentrate Revenues From Contracts With Customers Silver [Member]
IfrsStatementLineItems [Line Items]
Total revenue	24,043	16,963	13,693
Concentrate Revenues From Contracts With Customers Lead [Member]
IfrsStatementLineItems [Line Items]
Total revenue	5,730	3,571	4,422
Concentrate Revenues From Contracts With Customers Zinc [Member]
IfrsStatementLineItems [Line Items]
Total revenue	8,182	5,172	7,434
Revenues From Toll Milling Services [Member]
IfrsStatementLineItems [Line Items]
Total revenue		$ 496	$ 920

SCHEDULE OF COST OF SALES (Deta

SCHEDULE OF COST OF SALES (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Direct mining and milling costs	[1]	$ 26,630	$ 19,604	$ 22,541
Changes in inventories	[2]	(423)	143	193
Depletion and amortization		7,300	4,649	4,708
Toll milling costs			234	482
Cost of sales		$ 33,507	$ 24,630	$ 27,924
[1]	Direct mining and milling costs include personnel, general and administrative, fuel, electricity, maintenance and repair costs as well as operating supplies, external services and transport fees.
[2]	Changes in inventories reflect the net cost of ore and concentrate (i) sold during the current period but produced in a previous period (an addition to direct mining and milling costs) or (ii) produced but not sold in the current period (a deduction from direct mining and milling costs).

SCHEDULE OF ADMINISTRATIVE EXPE

SCHEDULE OF ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Office and overhead	$ 2,303	$ 1,822	$ 1,772
Salaries and wages	1,938	1,777	1,442
Corporate development and legal	290	794	182
Public company costs	169	237	52
Administrative expenses	$ 4,700	$ 4,630	$ 3,448

SCHEDULE OF OTHER INCOME EXPENS

SCHEDULE OF OTHER INCOME EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair value loss (gain) on marketable securities (Note 6)	$ 766	$ (645)	$ (289)
Fair value loss (gain) on purchase warrants (Note 6)	167	(67)
Loss (gain) on disposal of assets		188	(19)
Unrealized foreign exchange loss (gain)	367	653	(360)
Realized foreign exchange (gain) loss	(120)	276	(115)
Interest income and other	(304)	(133)	1
Shares issued at a discount to settle payables (Note 16)		196
Management fee income (Note 11)	(118)	(95)
Other expenses (income)	$ 758	$ 373	$ (782)

SCHEDULE OF EXPLORATION AND HOL

SCHEDULE OF EXPLORATION AND HOLDING EXPENSES (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Exploration and holding expenses		$ 7,194	$ 4,032	$ 3,853
Platosa Property (Mexico) [Member]
IfrsStatementLineItems [Line Items]
Exploration work	[1]	1,730	857	2,690
Holding costs		197	180	275
Evolucion (Mexico) [Member]
IfrsStatementLineItems [Line Items]
Exploration work		226	319	586
Holding costs		286	263	247
Silver City (Germany) [Member]
IfrsStatementLineItems [Line Items]
Exploration work		3,190	1,672	55
Holding costs	[2]
Kilgore (USA) [Member]
IfrsStatementLineItems [Line Items]
Exploration work		1,434	638
Holding costs		$ 131	$ 103
[1]	Platosa property exploration excludes underground drilling at the Platosa Mine which is capitalized to Property, plant and equipment (Note 10).
[2]	There are no annual fees associated with exploration licenses in Saxony, Germany. See Note 11 for capitalized earn-in payments under the Globex Agreement.

SCHEDULE OF FINANCE EXPENSES (D

SCHEDULE OF FINANCE EXPENSES (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest expense on financial liabilities held for trading	[1]	$ 3,427	$ 1,222
Interest expense - other		110	759	71
Rehabilitation provision - accretion		85	61	26
Post-retirement benefits - accretion		37	40	62
Gain on change in fair value of purchase warrant liabilities				(335)
Unrealized loss on currency hedges		21	426	(119)
Finance expenses		$ 3,680	$ 2,508	$ (295)
[1]	The Debentures are recorded at amortized cost and accreted to the principal amount over the term of the Debentures (Note 15). For the year ended December 31, 2021, $ 1,433 588 1,994 634

SCHEDULE OF FINANCE EXPENSES _2

SCHEDULE OF FINANCE EXPENSES (Details) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest payments on debentures in shares	$ 1,433	$ 588
Additional accretion on debentures	$ 1,994	$ 634

SCHEDULE OF PROVINCIAL INCOME T

SCHEDULE OF PROVINCIAL INCOME TAX RATES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statutory tax rates	26.50%	26.50%	26.50%
Income tax (recovery) computed at the statutory rates	$ (13,964)	$ (3,243)	$ (2,399)
Non-deductible items	1,210	(1,996)	120
Change in tax benefit not recognized	18,501	9,098	2,933
Foreign tax differentials	(1,028)	(355)	(267)
Other	259	112	735
Special mining royalty	100	167	(100)
Provision for income taxes	$ 5,078	$ 3,783	$ 1,022

SCHEDULE OF PROVISION FOR INCOM

SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current income taxes	$ 270	$ 305	$ 299
Deferred income taxes	4,808	3,478	723
Provision for income taxes	$ 5,078	$ 3,783	$ 1,022

SCHEDULE OF DEFERRED INCOME TAX

SCHEDULE OF DEFERRED INCOME TAX ASSETS (LIABILITIES) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-capital losses carried forward	$ 1,712	$ 1,521	$ 9,010
Resource related assets		1,285	1,061
Property, plant and equipment		2,079	(697)
Deferred income and other		1	6
Accrued revenue		26	10
Prepaid expenses, deposits and other	(1,844)	233	1,504
Net Capital Losses	132
Deferred tax assets		5,145	10,894
Prepaid expenses, deposits and other	(612)	(611)	(659)
Special mining royalty		(318)	(152)
Deferred tax liabilities	(612)	(929)	(811)
Net deferred tax (liablities) assets	$ (612)	$ 4,216	$ 10,083

SUMMARY OF TEMPORARY DIFFERENCE

SUMMARY OF TEMPORARY DIFFERENCES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-capital losses carried forward	$ 55,573	$ 57,299	$ 23,982
Capital losses	3,613	1,214	3,697
Resource related deductions	31,204	22,510	20,961
Share issuance costs	1	9	26
Property, plant and equipment	12,043	206	141
Prepaid expenses, deposits and other	31,420	2,160	1,522
Temporary Differences and Non-capital Losses	$ 133,854	$ 83,398	$ 50,330

SUMMARY OF NON-CAPITAL LOSSES (

SUMMARY OF NON-CAPITAL LOSSES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Non-capital losses carry forward	$ 62,018	$ 64,149	$ 54,017
Expiration Year 1 [Member]
IfrsStatementLineItems [Line Items]
Non-capital losses carry forward	1,426	1,471	1,551
Expirations Year 2 [Member]
IfrsStatementLineItems [Line Items]
Non-capital losses carry forward
Expiration Year 3 [Member]
IfrsStatementLineItems [Line Items]
Non-capital losses carry forward
Expiration Year 4 And Thereafter [Member]
IfrsStatementLineItems [Line Items]
Non-capital losses carry forward	$ 60,593	$ 62,678	$ 52,466

INCOME TAX (Details Narrative)

INCOME TAX (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Applicable tax rate	26.50%	26.50%	26.50%
Percentage of mexican royalty	7.50%
Net deferred tax liability	$ 612
Net deferred tax asset		$ 4,216	$ 10,083
Capital losses	8,226	8,439	8,252
Loss carryforwards	2,138
Deferred tax liability for unremitted earnings
Unremitted earnings	$ 4,527	$ 4,887	$ 5,147
CANADA
IfrsStatementLineItems [Line Items]
Applicable tax rate	26.50%	26.50%	26.50%
Percentage of mexican royalty	7.50%
Loss carryforwards subject to expiration, description	Of this amount, $433 expires between 2033 and 2037 fiscal years
Loss carryforwards not subject to expiration	$ 1,705
MEXICO
IfrsStatementLineItems [Line Items]
Applicable tax rate	30.00%	30.00%	30.00%

RELATED PARTIES (Details Narrat

RELATED PARTIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [abstract]
Legal services	$ 3	$ 50	$ 74
Outstanding payable balance		$ 8

SCHEDULE OF KEY MANAGEMENT TRAN

SCHEDULE OF KEY MANAGEMENT TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Key Management Transactions
Salaries, fees and benefits	$ 1,342	$ 1,510	$ 1,227
Director’s fees	311	285	315
Share-based payments	970	1,175	962
Remuneration expenses	$ 2,623	$ 2,970	$ 2,504

SCHEDULE OF THREE LEVELS OF FAI

SCHEDULE OF THREE LEVELS OF FAIR VALUE HIERARCHY (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Total Financial Assets	$ 780	$ 4,153
Level 1 of fair value hierarchy [member] | Marketable Securities [Member]
IfrsStatementLineItems [Line Items]
Total Financial Assets	407	2,138
Level 2 of fair value hierarchy [member] | Warrants [Member]
IfrsStatementLineItems [Line Items]
Total Financial Assets	47	212
Level 2 of fair value hierarchy [member] | Trade receivables [member]
IfrsStatementLineItems [Line Items]
Total Financial Assets	326	1,782
Level 2 of fair value hierarchy [member] | Forward Foreign Exchange Contracts [Member]
IfrsStatementLineItems [Line Items]
Total Financial Assets		$ 21

FINANCIAL INSTRUMENTS (Details

FINANCIAL INSTRUMENTS (Details Narrative) $ / shares in Units, $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2020MXN ($)
Disclosure of detailed information about financial instruments [line items]
Contracts for the purchase		$ 800		$ 16
Average exchange rate | $ / shares		$ 20.45
Unrealized loss on currency hedges	$ 21	$ 426	$ 119
Increased/(decreased) net income	$ 193
Commodity price risk [member]
Disclosure of detailed information about financial instruments [line items]
Average exchange rate | $ / shares	$ 25.06	$ 20.40	$ 16.20
Increased/(decreased) net income	$ 4,502
Forward Foreign Exchange Contracts [Member]
Disclosure of detailed information about financial instruments [line items]
Unrealized loss on currency hedges		$ 21	$ 432

SCHEDULE OF SEGMENT REPORTING (

SCHEDULE OF SEGMENT REPORTING (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IfrsStatementLineItems [Line Items]
Property, plant and equipment		$ 9,044	$ 25,830
Additions - Property, plant and equipment		7,961	7,668
Mineral rights		20,273	20,511
Additions - Mineral rights		459	19,437
Total assets	[1]	41,560	73,279
Total liabilities (Note 18)		46,047	22,837
Revenue		37,955	26,202	$ 26,469
Cost of sales		(33,507)	(24,630)	(27,924)
Exploration and holding expenses		7,194	4,032	3,853
Other (expenses) income		758	373	(782)
Provision for litigation (Note 18)		(22,282)
Finance (expenses) income		3,680	2,508	(295)
Income tax (expense) recovery		5,078	3,783	1,022
Net loss		(57,773)	(16,020)	(10,075)
General and administrative expenses		6,689	6,896	4,822
Corporates [Member]
IfrsStatementLineItems [Line Items]
Property, plant and equipment		509	953
Additions - Property, plant and equipment		30	48
Mineral rights		20,080	19,707
Additions - Mineral rights		459	19,437
Total assets	[1]	26,251	32,382
Total liabilities (Note 18)		11,874	10,878
Exploration and holding expenses		(4,755)	(2,413)	(64)
Other (expenses) income		(973)	685	(44)
Finance (expenses) income		(3,497)	(2,372)	335
Income tax (expense) recovery		(3)	1,714	(93)
Net loss		(15,917)	(9,282)	(4,689)
General and administrative expenses		(6,689)	(6,896)	(4,823)
MEXICO
IfrsStatementLineItems [Line Items]
Property, plant and equipment		8,535	24,877
Additions - Property, plant and equipment		7,931	7,620
Mineral rights		193	804
Additions - Mineral rights
Total assets	[1]	15,309	40,897
Total liabilities (Note 18)		34,173	11,959
Revenue		37,955	26,202	26,469
Cost of sales		(33,507)	(24,630)	(27,924)
Exploration and holding expenses		(2,439)	(1,619)	(3,789)
Other (expenses) income		215	(1,058)	826
Provision for litigation (Note 18)		(22,282)
Impairment loss (Note 10 and 11)		(16,540)
Finance (expenses) income		(183)	(136)	(40)
Income tax (expense) recovery		(5,075)	(5,497)	(928)
Net loss		$ (41,856)	$ (6,738)	$ (5,386)
[1]	Certain comparative period balances related to deferred income tax have been reallocated between segments to conform with the current period allocation. As a result, total assets for Mexico and Corporate as at December 31, 2020, previously reported as $ 63,062 10,217 40,897 32,382

SCHEDULE OF SEGMENT REPORTING_2

SCHEDULE OF SEGMENT REPORTING (Details) (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
IfrsStatementLineItems [Line Items]
Assets	[1]	$ 41,560	$ 73,279
Corporates [Member]
IfrsStatementLineItems [Line Items]
Assets	[1]	26,251	32,382
Previously stated [member] | Corporates [Member]
IfrsStatementLineItems [Line Items]
Assets			10,217
MEXICO
IfrsStatementLineItems [Line Items]
Assets	[1]	$ 15,309	40,897
MEXICO | Previously stated [member]
IfrsStatementLineItems [Line Items]
Assets			$ 63,062
[1]	Certain comparative period balances related to deferred income tax have been reallocated between segments to conform with the current period allocation. As a result, total assets for Mexico and Corporate as at December 31, 2020, previously reported as $ 63,062 10,217 40,897 32,382