Mr. Shawn Howarth reports

EXCELLON CLOSES DEBENTURE RESTRUCTURING

Excellon Resources Inc. has closed its previously announced restructuring of the outstanding 5.75 per cent secured convertible debentures of the company to reduce the outstanding principal amount of the debentures to $7.5-million, representing a 58-per-cent reduction in principal, and to amend the terms of the remaining debentures.

Shawn Howarth, President and CEO, commented, "The Debenture Restructuring is a significant first step towards equity growth for Excellon shareholders. The reduction and extension of the remaining Debentures provides our shareholders with increased exposure to a high quality gold project at Kilgore, and an emerging European-focused silver exploration opportunity at Silver City."

Debenture Repurchase

The Company has completed the repurchase for cancellation of C$10,410,000 aggregate principal amount of the Debentures (the "Debenture Repurchase") pro rata from the holders of the Debentures in exchange for the following aggregate consideration divided pro rata among the holders of the Debentures:

• 38,888,878 common shares in the capital of Excellon ("Common Shares");
• contingent value rights of Excellon, providing for aggregate cash payments equal to the equivalent of up to 1,500 troy ounces of gold upon the achievement of certain milestones;
• a 2% net smelter returns royalty on the unpatented claims comprising the Kilgore Project; and
• a 25% interest in Saxony Silver Corp., which holds the Silver City Project.

Additionally, in connection with the Debenture Repurchase, the Company issued 2,846,147 Common Shares in satisfaction of accrued and unpaid interest on the Debentures to, but excluding, the date of the Debenture Repurchase.

Registered holders of the Debentures will receive a notice regarding the Debenture Repurchase and are advised to read the notice carefully as it contains important instructions on how to receive the consideration for the Debenture Repurchase to which they are entitled. Non-registered holders of the Debentures should contact their broker or other intermediary for instructions on how to receive the consideration for the Debenture Repurchase to which they are entitled.

Debenture Amendment

The Company also amended the terms of the remaining C$7.5 million aggregate principal amount of the Debentures as follows (the "Debenture Amendment"):

• Extended the maturity date of the Debentures from July 31, 2024 to August 31, 2026;
• Decreased the conversion price from C$5.30 to C$0.10 per Common Share; and
• Increased the interest rate payable in cash from 5.75% per annum to 6.50% per annum, while retaining the Company's option to satisfy interest in Common Shares at an effective interest rate of 10% per annum.

The Debenture Restructuring remains subject to the final approval of the Toronto Stock Exchange.

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 gold, silver and base 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 little modern exploration.

We seek Safe Harbor.