Mr. Shawn Howarth reports

EXCELLON ANNOUNCES UP TO $1.35 MILLION NON-BROKERED PRIVATE PLACEMENT OFFERING OF UNITS

Excellon Resources Inc. has arranged a non-brokered private placement offering of up to 7.5 million units of the company at a price of 18 cents per unit for aggregate gross proceeds to the company of up to $1.35-million.

Each unit will comprise one common share in the capital of the company and one common share purchase warrant of the company. Each warrant will entitle the holder thereof to acquire one common share at a price of 27 cents per common share for a period of 24 months from the closing date of the offering.

The company intends to use the net proceeds of the offering for advancement of the company's mineral projects and for general working capital and corporate purposes. A portion of the net proceeds will also be used to receive final assay results from the company's 2,100-metre drill program at the Kilgore project in 2022. The remaining assays include approximately 1,600 metres of drilling, which will be used for further target identification and continued exploration drilling.

The offering may close in one or more tranches as determined by the company, with the first tranche anticipated to close on or about April 19, 2024, and is subject to satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Toronto Stock Exchange.

In connection with the offering, certain arm's-length parties may receive cash finders' fees and/or warrants to purchase common shares in consideration of units that are sold to subscribers introduced by such parties.

The units will be offered: (a) by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (b) in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to the exemptions from the registration requirements provided for under the U.S. Securities Act of 1933, as amended; and (c) in jurisdictions outside of Canada and the United States on a private placement or equivalent basis. The securities to be issued pursuant to the offering will be subject to a four-month hold period in Canada pursuant to applicable Canadian securities laws.

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 gold, silver and base metal 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.