Mr. Shawn Howarth reports

EXCELLON COMPLETES DEBENTURE EXTENSION AND PROVIDES CORPORATE UPDATE

Further to its news release dated July 24, 2023, Excellon Resources Inc. has completed the extension of the maturity date of its 5.75 per cent secured convertible debentures from July 30, 2023, to July 31, 2024.

In consideration for the Extension, the Company has issued 6,888,458 common shares of the Company ("Common Shares") priced at C$0.156 per Common Share to the holders of the Debentures in satisfaction of an extension fee in an amount equal to 6% of the aggregate principal amount of the Debentures at the time of announcement.

A copy of the first supplemental indenture executed in connection with the Extension will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

The Company also provides the following corporate updates:

Sale of Oakley

On August 30, 2023, Excellon announced that Excellon Idaho Gold Inc., a wholly-owned subsidiary of Excellon, entered into a definitive agreement with Centerra (U.S.) Inc. to sell its remaining 30% minority interest in the Oakley Project for US$1 million paid in cash.

The Company expects to close the transaction by mid-October. All parties are diligently working to close the transaction and all necessary regulatory approvals have been received.

Debenture Restructuring

On September 21, 2023, Excellon announced that it had entered into a binding term sheet with holders representing greater than 662/3% of the Debentures to reduce the outstanding principal amount of the Debentures to C$7,500,000 and to amend the terms of the remaining Debentures to, among other things, further extend the maturity date to August 31, 2026 and reduce the conversion price (the "Debenture Restructuring").

The Company is pursuing the necessary regulatory approvals, including conditional approval of the Toronto Stock Exchange, to proceed with the proposed Debenture Restructuring. An annual and special meeting of shareholders (the "Meeting") is currently scheduled for November 7, 2023. At the Meeting, it is currently anticipated that shareholders will have the opportunity to approve the proposed Debenture Restructuring. Further information on the format and schedule of the Meeting and meeting materials will be provided in due course.

About Excellon

Excellon's vision is to realize opportunities through the acquisition of advanced development or producing assets with further potential to gain from an experienced management team for the benefit of our employees, communities and shareholders. The Company is advancing a portfolio of silver, base metals and precious metals assets including Kilgore, an advanced gold exploration project in Idaho; and Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration.

We seek Safe Harbor.