Mr. Shawn Howarth reports

EXCELLON DRILLS 1.37 G/T GOLD OVER 81.2 METRES INCLUDING 2.77 G/T GOLD OVER 15.6 METRES AT KILGORE PROJECT

Excellon Resources Inc. has released further drill results from the 2022 exploration program at its 100-per-cent-owned Kilgore project in Idaho, United States.

Final results from 2022 drill program released, including:

• 1.37 grams per tonne gold over 81.21 metres in EX22KG004, including 2.77 g/t Au over 15.64 metres and 5.28 g/t Au over 5.54 metres, confirming high-grade mineralization in the Aspen sediments;
• 0.53 g/t Au over 56.24 metres in EX22KG005, including 2.91 g/t Au over 1.45 metres, successfully testing extension of the existing mineralized envelope to the southwest;
• 0.74 g/t Au over 115.60 metres in EX2KG001, including 26.50 g/t Au over 0.65 metre, improving definition of the mineralized envelope;
• Information will be included on future resource and geological modelling to further refine targets.

"Today's announcement is twofold: we have successfully confirmed mineralization in an area of Kilgore previously underdrilled, returning grade-intervals in line with the current mineral resource estimate cut-off and potentially further extending mineralization to the southwest of the deposit," stated Shawn Howarth, president and chief executive officer. "We have also intersected mineralization in the Aspen sediments, where we are focusing on the potential for higher-grade zones. The information announced today will help us to better understand grade contouring and will be used in future resource modelling and exploration drill programs."

Exploration results

The 2022 drill program comprised six diamond drill holes totalling 2,145 metres with oriented core and detailed sampling to improve structural understanding of high-grade mineralization and potential. A summary of the selected holes is provided below:

• EX22KG001: A confirmation drill hole within the current mineral resource envelope identified by previous drilling. A more detailed sampling was conducted, identifying a high level of grade variability, and control of mineralization by narrow jarosite-filled structures and high-grade vein stockwork. Mineralization returned was previously reported in the company's press release dated Dec. 6, 2022, and is summarized herein.
• EX22KG003: Drilled at an oblique angle and designed to improve structural data within the deposit along the northwest margins and further insights on lithological contacts. The hole reconfirmed mineralization in the Tertiary volcanics including an intersection of 0.44 g/t Au over 83.68 metres.
• EX22KG004: Drilled for structural data within the deposit for improved modelling, EX22KG004 confirmed high-grade mineralization within the resource envelope and in the Aspen sediments, returning 1.37 g/t Au over 81.21 metres, including 2.77 g/t Au over 15.64 metres and 5.28 g/t Au over 5.54 metres.
• EX22KG005: Drilled in the southwest area of the deposit previously underdrilled, EX22KG005 potentially increases tonnage by extending the limit of the grade shell and returning 0.53 g/t Au over 56.24 metres, including 2.91 g/t Au over 1.45 metres and one g/t Au over 8.19 metres. Mineralization occurs in the Tertiary tuffs and Tertiary quartz porphyry, which proves to be a good mineralization host and could be used a mineralization guide in other parts of the property.
• EX22KG006: Successfully tested an undrilled area proximal to grade shell intersecting 0.36 g/t Au over 34.82 metres, potentially increasing mineralization toward the southwest.

A summary of drill assays can be found in the attached table.

Technical information and quality assurance/quality control notes

The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Kilgore drill core samples are prepared and assayed by ALS in Twin Falls, Idaho. The lab is accredited to ISO/IEC 17025:2017 and ISO 9001:20015. Assay turnarounds have been impacted recently by a worldwide increase in demand for laboratory services. The company has a comprehensive QA/QC program, supervised by a qualified person.

The sampling of, and assay data from, the core sampling and reporting is monitored through a quality assurance and quality control (QA/QC) program designed according to best industry practice. Samples from HQ- and BQ-sized drill core are selected by Excellon geologists and cut into halves at the project site. Half of the core is retained at the site for reference purposes. Sample intervals vary from 0.2 to 3.05 metres in length, with samples being selected to honour geological contacts. Samples are labelled and packed into sealed plastic bags which are grouped into larger fibre bags for shipping. A formal chain-of-custody procedure is in place for the security of samples from project to laboratory.

Samples are delivered by Excellon staff to the ALS laboratory in Twin Falls, Idaho. Samples then undergo crushing to 70 per cent passing two millimetres, rotary split of 250 grams, followed by pulverizing to 85 per cent passing 75 microns before a 50-gram subsample is selected for analysis. The samples are then analyzed using fire assay for gold and silver with a gravimetric finish and multielement analysis performed by inductively coupled plasma mass spectrometry analysis for base metals and multielement data.

Qualified person

Jorge Ortega, PGeo, has acted as the qualified person, as defined in National Instrument 43-101, with respect to the disclosure of the scientific and technical information contained in this press release.

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 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.