Mr. Shawn Howarth reports

EXCELLON CLOSES SALE OF OAKLEY

Further to Excellon Resources Inc.'s news release dated Aug. 30, 2023, Excellon Idaho Gold Inc., a wholly owned subsidiary of Excellon, has closed the sale of Excellon's minority interest in the Oakley project to Centerra (U.S.) Inc. for $1-million (U.S.) in cash.

Shawn Howarth, president and chief executive officer of Excellon, commented, "Securing this funding demonstrates a successful exit from a non-core asset and allows Excellon to advance on key strategic priorities, including restructuring the balance sheet and the development of its core asset portfolio."

Immediately prior to the execution of the purchase agreement, Centerra had earned into a 70-per-cent interest in Oakley by spending $7-million (U.S.) in exploration expenditures since 2020. As per the terms of the earn-in agreement with Centerra, Excellon would be required to finance future expenditures on a 70-per-cent/30-per-cent pro rata basis. If Excellon chose to waive its pro rata expenditures, the company would be diluted to an effective 2-per-cent net smelter return royalty on Oakley.

About Excellon Resources Inc.

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 its 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.

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