Mr. Shawn Howarth reports

EXCELLON ANNOUNCES BROKERED PRIVATE PLACEMENT OF UNITS FOR GROSS PROCEEDS OF UP TO C$5.0 MILLION, WITH A LEAD ORDER FROM ERIC SPROTT

Excellon Resources Inc. has entered into an agreement with Red Cloud Securities Inc., to act as lead agent and sole bookrunner on behalf of a syndicate of agents that includes Velocity Trade Capital Ltd., in connection with a best-effort private placement for aggregate gross proceeds of up to $5-million from the sale of up to 47,619,048 units of the company at a price of 10.5 cents per unit. Eric Sprott has made a lead order to subscribe for units under the offering.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share of the company at a price of 15 cents per warrant share at any time on or before the date which is 36 months after the closing date (as herein defined).

The agents will have an option, exercisable in full or in part, up to 48 hours prior to the closing date, to sell up to an additional 7,142,857 units at the offering price for up to an additional $750,000 in gross proceeds.

The company intends to use the net proceeds of the offering for advancing development of the Mallay mine, working capital and general corporate purposes.

The offering is anticipated to close on or about April 30, 2025, or such other date as the company and the agents may agree. Completion of the offering is subject to certain conditions, including, but not limited to, listing of the common shares of the company on the TSX Venture Exchange, and the receipt of all necessary regulatory and other approvals for the offering, including the acceptance of the TSX-V.

The units will be offered: (a) by way of private placement in the provinces of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan 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, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The securities to be issued pursuant to the offering to purchasers in Canada will be subject to a four-month hold period in Canada pursuant to applicable Canadian securities laws. The units will be offered to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503 and, accordingly, the securities to be issued pursuant to the offering to purchasers outside of Canada are not expected to be subject to a four-month hold period in Canada.

Application for listing on the TSX-V

Excellon also announces that it has made an application to the TSX-V with respect to the listing of the common shares of the company on the TSX-V. Upon receipt of the conditional approval of the TSX-V for such listing, Excellon intends to submit an application to the Toronto Stock Exchange to have the common shares of the company voluntarily delisted from the TSX. The board of directors and management of the company believe that listing the common shares of the company on the TSX-V will be beneficial to the company and its securityholders. In arriving at this determination, the company considered, among other things, the costs associated with a TSX listing versus a TSX-V listing, its current market capitalization, the rules related to acquisitions, private placements and other forms of financing available to TSX-V-listed issuers, and the general suitability of a TSX listing versus a TSX-V listing for an issuer with the company's profile and anticipated profile immediately following the completion of its proposed acquisition of Minera CRC SAC, which holds the past-producing Mallay silver mine and Tres Cerros exploration property in Peru. The TSX-V provides streamlined access to capital, lower continuing listing fees and reduced administrative burden, which will result in lower operating costs for the company as it shifts its focus to the completion of the acquisition and the proposed restart of the Mallay mine.

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. Excellon is in the process of acquiring the past-producing Mallay silver mine and the Tres Cerros gold-silver exploration project in Peru. The company is also 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.