Mr. John Gilbert reports

EXCALIBUR METALS COMMENCES PROPERTY-WIDE EXPLORATION PROGRAM AT BELLEHELEN

Field crews have commenced Excalibur Metals Corp.'s previously announced exploration program at its Bellehelen silver-gold project in Nye county, Nevada.

The program is focused on advancing priority targets and evaluating the broader mineralized corridor across Bellehelen. Initial work includes:

• A ground gravity survey now under way at the Rangefront target;
• Extensive geological and structural mapping across the multikilometre corridor between Rangefront and the Spyglass Ridge target;
• Systematic rock-chip sampling of prospective structures, alteration zones and historic workings throughout the corridor.

At Rangefront, located approximately eight kilometres northwest of Spyglass Ridge, previous soil sampling and CSAMT geophysics identified a large target that extends beneath shallow cover to the west. The gravity survey is intended to help the company better define the geology and key structures beneath the cover and further refine targets for future drilling.

Field crews are also undertaking extensive mapping and rock-chip sampling across the largely underexplored area between Rangefront and Spyglass Ridge. This work is intended to identify prospective structures, alteration and mineralization that may connect or expand upon the company's existing targets and to develop additional targets for follow-up exploration and potential drilling.

"This program represents an important step at Bellehelen, which remains a largely untested, district-scale mineralized system," commented John Gilbert, chief executive officer of Excalibur. "We're building on our success at Spyglass while continuing to evaluate the broader potential of the project. There are very few large precious-metal systems in Nevada that have seen such limited modern exploration, particularly those controlled by a junior exploration company. We believe the scale and upside potential at Bellehelen are considerable.

"The gravity survey will add another layer of information to our understanding of the concealed target at Rangefront, while extensive mapping and sampling between Rangefront and Spyglass Ridge will allow us to systematically evaluate a multikilometre area that has seen very limited previous exploration. Each phase of fieldwork continues to generate new priority targets and reinforce our view of Bellehelen's potential."

Results from the program will be integrated with the company's existing geological, geochemical, geophysical, and drilling data sets to refine and prioritize targets across Bellehelen ahead of future drilling.

Qualified person

Matthew Dumala, PEng, a consultant of the company, is a qualified person (QP) 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 (TSX-V) under the symbol EXCL and on the OTCQB Venture Market under the symbol EXCBF.

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