Excellon Resources Inc. (EXN) Earnings Call Transcript & Summary

Good morning and welcome to the 2024 Annual Meeting of the Shareholders of Excellon Resources, Inc. Please note that this meeting is being recorded. I would like to introduce Laurence Curtis, Chair of today's meeting. Mr. Curtis, the floor is yours.

Good morning. The meeting will now come to order. Welcome to the 2024 Annual Meeting of the Shareholders of Excellon Resources, Inc. My name is Laurence Curtis, and I am the Chair of the Board. Pursuant to the bylaws of the corporation, I shall act as Chair of this meeting. We are hosting this meeting solely through TSX Trust Company's virtual meeting platform, which is accessible to all of our shareholders regardless of their physical location. During the meeting, registered shareholders and duly appointed proxy holders may submit questions by clicking on their question or comment. Given the virtual format of the meeting in order for us to address as many questions as we can, we would encourage registered shareholders and duly appointed proxy holders who have a specific question on the items of business to be discussed and voted on at today's meeting to submit their question now. All questions will be screened by a moderator who is being designated by the Chair, who may accept, reject or defer any questions he may saw a discretion. The Chair may either respond to an accepted question, direct such question to the Secretary of the meeting or reject the question in the Chair's sole discretion. I would like to begin this meeting by introducing the officers of the corporation and the members of the Board of Directors of the corporation who are present virtually today. Joining me are Shawn Howarth, President, Chief Executive Officer and Director of the corporation; Daniel Hall, Chief Financial Officer of the corporation; Craig Lindsay, Director of the corporation; and Brendan Cahill, Director of the corporation. I will now proceed with the formal part of the meeting. Daniel Hall, our Chief Financial Officer of the corporation, shall act as Secretary of this meeting. Unless there are any objections, I shall appoint Rosa Garofalo of TSX Trust Company to act as scrutineer for this meeting. To facilitate the meeting, I've asked certain persons to make a second the formal motions of this meeting, and I will call on these persons at the appropriate time. I'll open up an opportunity for registered shareholders and duly appointed proxy holders to ask questions on matters other than the items of business once, the formal business of the meeting has concluded. I would ask the general questions and comments be reserved until that time. I'd like to remind everyone that only registered shareholders and duly appointed proxy holders can move or second motions, ask questions, make comments or vote at this meeting. We will conduct the votes on the matters before us by ballot vote using a poll. On a poll, every registered shareholder or their duly appointed proxy holders entitled to vote on the matter has one vote in respect of each share entitled to that voted on the matter, and held or represented by that shareholder or proxy holder. If you voted your shares prior to the meeting, you do not need to vote again unless you'd like to change your vote. The poll will be open for all matters and resolutions at the same time. This will allow you to choose to vote on each matter resolution immediately or wait until conclusion of discussion on each matter and resolution prior to casting your vote. To vote, click the voting icon, select your voting direction and submit. Once discussion on all items of business is concluded, I will give you an additional 15 seconds to enter your votes and then declare voting closed on all matters and resolutions following which we will announce the preliminary voting results. I now declare the polls open on all matters and resolutions. [Voting]

I have received an affidavit of TSX Trust Company, the registrar and transfer agent of the corporation, which states that on May 28, 2024, the Notice of Meeting, together with the Management Information Circular and Form of Proxy was mailed to all shareholders as of the close of business day on May 16, 2024. The record date for this meeting, the affidavit as to such mailing is available for inspection by any shareholder. I direct the Secretary to attach the affidavit to the minutes of this meeting. A quorum for the transaction of business at any meeting of shareholders as specified by the laws of the corporation is 2 persons who are or represent by proxy shareholders who, in the aggregate, hold at least 5% of the issued and outstanding common shares entitled to be voted at the meeting. The preliminary scrutineer's report has now been received, and it shows there are present at the meeting, 121 persons holding or representing by proxy 39,297,459 common shares or approximately 36.3% of the issued and outstanding common shares entitled to be voted at this meeting. I adopt the scrutineer's report and declare that a quorum is present. Notice having been mailed in accordance with the bylaws of the corporation and a quorum being present, I declare that this meeting is duly constituted for the transaction of business. Unless there is any objection, I will dispense with the reading of the notice of meeting. The first item of business is to receive the audited consolidated financial statements of the corporation for the financial year ended December 31, 2023, together with the auditor's report thereon. A copy of the financial statements has been mailed to each shareholder who requested to receive them, therefore, is not proposed to read the auditor's report. It is not proposed to our shareholders to approve the financial statements. However, we would be pleased to deal with any relevant questions concerning the financial statements during the question period, which will follow the formal business of this meeting. The next item of business is the election of directors of the corporation for the ensuing year. The Board of Directors of the corporation has set the number of directors to be elected at 5. The nominees of management of the corporation were identified in the management information circular mailed to shareholders and are as follows: Laurence Curtis, Craig Lindsay, Brendan Cahill, Shawn Howarth and Gerhard Merkel. The election of Mr. Merkel as a Director of the corporation is subject to the approval of the TSX. Mr. Merkel has been nominated as a Director of the corporation by the holders of the corporation's outstanding 6.5% secured convertible debentures due August 31, 2026, in accordance with the director nomination right granted to such holders. As the corporation did not receive notice of any director nominations in connection with this meeting within the time period prescribed by the advanced notice requirements contained in Bylaw #2 of the corporation, the only persons eligible to be nominated are the persons nominated by management of the corporation as disclosed in the management information circular. I will ask someone to please make a motion to elect each of the 5 nominees put forward by management to serve as directors of the corporation for the ensuing year.

I move that each of Laurence Curtis, Craig Lindsay, Brendan Cahill, Gerhard Merkel and Shawn Howarth be elected to serve as directors of the corporation for the ensuing year.

I second the motion.

Shawn, have we received any questions relating to this item of business?

No questions received.

Thank you, everyone. Please cast your votes on this matter. [Voting]

The next item of business is to appoint the auditor of the corporation for the ensuing year and to authorize the directors of the corporation to fix the remuneration of the auditor. I will now ask someone to please make a motion.