Mr. Shawn Howarth reports

EXCELLON CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT OF UNITS

Further to its news release dated April 4, 2024, Excellon Resources Inc. has closed the first tranche of its previously announced non-brokered private placement offering of units of the company for aggregate gross proceeds to the company of approximately $709,574. The company expects to close a second and final tranche of the offering prior to the end of April, 2024.

Pursuant to the closing of the first tranche of the offering, the company issued 3,942,077 units at a price of 18 cents per unit. Each unit comprised one common share in the capital of the company and one common share purchase warrant of the company. Each warrant entitles 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. In connection with the closing of the first tranche of the offering, the company also paid cash finders' fees in the amount of approximately $15,158 and issued a total of 79,210 non-transferable finder warrants on the same terms as the warrants to certain arm's-length parties in consideration of units sold to subscribers introduced by such parties.

The company intends to use a portion of the net proceeds 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 company expects to release these results within the next two weeks.

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

The units are being 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 issued and to be issued pursuant to the offering are or 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.