Mr. John Gilbert reports

EXCALIBUR METALS PLANS PROPERTY-WIDE EXPLORATION PROGRAM AT BELLEHELEN SILVER-GOLD PROJECT AND ANNOUNCES DIRECTOR NOMINEES

Excalibur Metals Corp. has planned an extensive follow-up field exploration program at its Bellehelen silver-gold project in Nye county, Nevada.

The planned program will include detailed geological mapping and systematic rock-chip sampling across a broad portion of the project. The work is designed to follow up on recently identified targets, including the Zigs and Broken Cabin silver-gold soil anomalies north of Spyglass Ridge, while expanding the company's geological understanding across the broader Bellehelen district. The program will evaluate the structural and geological controls on gold-silver mineralization and identify and prioritize targets for future drilling.

Field crews are expected to mobilize in early september, with the program anticipated to include:

• Detailed geological and structural mapping across priority areas of the project;
• Systematic rock-chip sampling of prospective structures, alteration zones and historic workings;
• Follow-up mapping and sampling at the recently identified Zigs and Broken Cabin targets;
• Additional work around geochemical and geophysical anomalies identified through previous exploration;
• Evaluation of the broader Bellehelen structural corridor;
• Integration of the new field data with recent drilling, soil geochemistry, geophysics and remote-sensing results to refine and rank future drill targets.

"Following our first drill program at Spyglass Ridge and the identification of additional targets at Zigs, Broken Cabin and Rangefront, we are returning to the field with a much stronger understanding of the scale and structural complexity of the Bellehelen system," commented John Gilbert, chief executive officer of Excalibur. "This next phase will allow us to systematically evaluate a much larger portion of the project and build a more complete picture of the structures, alteration and geochemical signatures associated with mineralization. Our objective is to identify the best opportunities across the district and advance a pipeline of high-quality targets for future drilling."

Advancing a district-scale exploration opportunity

Bellehelen encompasses a district-scale, approximately 10-kilometre-long mineralized trend marked by numerous historic workings, extensive vein networks and widespread gold-silver mineralization. Despite this extensive surface expression, much of the project has received limited systematic modern exploration.

The company's maiden drill program at Spyglass Ridge consisted of 3,122 metres of reverse circulation drilling across 10 holes. The drill program confirmed that the mineralized system extends to depth and identified multiple zones of gold-silver mineralization, including 360.0 grams per tonne silver and 2.03 g/t gold over 1.52 m within a broader interval of 16.7 g/t silver and 0.10 g/t gold over 100.58 m in drill hole BH26001 (please refer to the Excalibur news release dated June 3, 2026, for additional details on the drill results and quality assurance/quality control matters).

Subsequent soil sampling north of Spyglass Ridge outlined multiple silver-gold anomalies across an approximately one-kilometre-long corridor, including the newly defined Zigs target and the extended Broken Cabin target. At Zigs, coincident gold and silver anomalies define an approximately 300-metre-by-300-metre target area that remains open, while elevated gold and silver values at Broken Cabin outline a broader target area measuring approximately 300 m by 600 m. Together with Spyglass Ridge, these targets support the potential for mineralization to be associated with a broader network of parallel or intersecting structures within the Bellehelen system (please refer to the Excalibur news release dated Aug. 11, 2026, for additional details.).

At Rangefront, located approximately eight kilometres northwest of Spyglass Ridge, the company identified a coherent multielement soil anomaly that strengthens toward an interpreted rangefront structure concealed beneath shallow postmineral cover. Controlled-source audio-frequency magnetotelluric (CSAMT) geophysics also identified a prominent west-dipping structural feature that the company believes may have acted as an important conduit for hydrothermal fluids.

The planned mapping and rock-chip sampling program will build on these results by extending systematic exploration across additional areas of Bellehelen. Particular attention will be given to the newly identified targets at Zigs and Broken Cabin as well as other prospective structures, zones of alteration, historic workings, and areas where existing geological, geochemical or geophysical information indicates the potential for concealed or previously unrecognized mineralization.

Results from the field program will be integrated with the company's existing data sets and the geological interpretation of the recent Spyglass Ridge drilling. This work will support the refinement and prioritization of targets at Spyglass Ridge, Zigs, Broken Cabin, Rangefront and other prospective areas ahead of the company's next planned drill campaign.

Board nominees for 2026 annual general meeting

The company is also pleased to announce that Gernot Wober, PGeo, and John Gilbert, the company's chief executive officer, have been nominated for election to the company's board of directors at its coming annual general meeting (AGM) of shareholders, scheduled for Sept. 15, 2026.

As Excalibur continues to advance its exploration strategy at Bellehelen, the company is strengthening its leadership with individuals whose technical expertise and industry experience are closely aligned with its next stage of growth.

"Bellehelen continues to attract highly experienced industry professionals who recognize the opportunity to build value through systematic exploration of this large and underexplored silver-gold district," commented Lewis Lawrick, chairman of Excalibur. "Gernot brings an exceptional depth of exploration, discovery and project advancement experience, while John's nomination will further align the board with the leadership responsible for executing our exploration strategy. We believe their combined technical and corporate experience would be highly valuable as Excalibur advances Bellehelen."

Mr. Wober is a professional geologist with approximately 35 years of international mineral exploration and project development experience. Most recently, he served as vice-president, exploration, at First Nordic Metals, leading exploration across the company's portfolio. Previously, as vice-president, exploration, at Discovery Silver (now Discovery Mining), he played a key role in identifying and acquiring the Cordero silver deposit in Chihuahua, Mexico, and advancing it from the resource stage through feasibility and toward permitting, as well as supporting the Porcupine complex acquisition from Newmont. Mr. Wober previously served as vice-president, exploration, Canada, at Osisko Mining Inc., where he led exploration activities at the Windfall gold project and contributed to the discovery of the high-grade Lynx zone. His earlier roles include senior positions with Great Basin Gold Ltd., Northern Dynasty Mines Inc., Oban Mining Corp., Lac Minerals Ltd., Noranda Exploration Company Ltd., Taseko Mines Ltd. and Chevron Canada Resources Ltd.

Mr. Gilbert has more than 18 years of experience as an exploration and mine geologist in North America, with broad surface and underground experience across multiple facets of mineral exploration. Prior to joining Excalibur, Mr. Gilbert served as vice-president, exploration and corporate development, of Silver Range Resources Ltd. and operated a successful private prospect generator focused on developing and vending precious metals projects in New Brunswick. Mr. Gilbert holds a bachelor's degree in geology from the University of Massachusetts Amherst and a master's degree in structural geology from the University of Vermont.

Brian Shin and Charanjit Hayre, current directors of the company, do not intend to stand for re-election at the coming annual general meeting but will remain as company advisers. The company thanks them for their service and contributions to Excalibur as directors.

Qualified person

Matthew Dumala, PEng, a consultant of the company, is a qualified person as defined by National Instrument 43-101. Mr. Dumala has reviewed and approved the technical information disclosed in this news release.

About Bellehelen

Bellehelen encompasses a district-scale, 10-kilometre-long mineralized trend that historically produced an estimated 311,000 silver equivalent ounces in the early 1900s. Numerous historic workings are distributed along the entire length of this extensive corridor, highlighting a continuity of mineralization across multiple zones on the property. Historical surface sampling returned high-grade assays of up to 11.25 g/t gold and 3,490 g/t silver, confirming the presence of a fertile precious metal system. Broad soil anomalies, extensive vein networks, and the results of the company's recent drilling and geophysical programs demonstrate the potential for both structurally controlled higher-grade mineralization and broader zones of disseminated mineralization.

About Excalibur Metals Corp.

Excalibur Metals is focused on exploring for precious metals within established mining areas in the Western United States. The company has acquired the option to purchase 100 per cent of the Bellehelen project in Nye county, central Nevada. The claims cover most of the historic Bellehelen mining district, where gold and silver were initially discovered and mined in the early 1900s. Excalibur has assembled an exceptional team with considerable exploration, developing and permitting experience within North America. Excalibur is traded on the TSX Venture Exchange under the symbol EXCL and on the OTCQB Venture Market under the symbol EXCBF.

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