Mr. Shawn Howarth reports

EXCELLON ANNOUNCES UPSIZE OF BROKERED PRIVATE PLACEMENT OF UNITS FOR GROSS PROCEEDS OF UP TO C$7.0 MILLION

Excellon Resources Inc., as a result of strong investor demand, has increased the size of its previously announced best efforts private placement from aggregate gross proceeds of up to $6.5-million to aggregate gross proceeds of up to $7-million. The upsized offering comprises the sale of up to 66,666,667 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 that is 36 months after the closing date (as herein defined).

Red Cloud Securities Inc. is acting as lead agent and sole bookrunner under the offering on behalf of a syndicate of agents that includes Velocity Trade Capital Ltd. 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 9,523,810 units at the offering price for up to an additional approximately $1-million 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 May 2, 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 United States 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.

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 the company's employees, communities and shareholders. Excellon is in the process of acquiring the past-producing Mallay silver mine and 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.