Mr. Shawn Howarth reports

EXCELLON ANNOUNCES CLOSING OF BROKERED PRIVATE PLACEMENT OF UNITS FOR GROSS PROCEEDS OF C$8.0 MILLION, INCLUDING FULL EXERCISE OF THE AGENTS' OPTION AND LEAD INVESTMENT BY ERIC SPROTT

Excellon Resources Inc. has closed its previously announced brokered private placement for aggregate gross proceeds to the company of $8,000,000.09, which includes the full exercise of the agent option. Pursuant to the offering, the company sold an aggregate of 76,190,477 units of the company at a price of 10.5 cents per unit.

Each unit consisted of one common share of the company and one-half of one common share purchase warrant of the company. Each warrant will entitle the holder thereof to purchase one common share at a price of 15 cents per warrant share at any time on or before May 14, 2028.

Red Cloud Securities Inc., as lead agent and sole bookrunner, together with Velocity Trade Capital Ltd., each acted as an agent in connection with the offering pursuant to the terms of an agency agreement dated May 14, 2025. In consideration for their services, the company paid the agents cash commissions and advisory fees totalling $456,000, which is 6 per cent of the aggregate gross proceeds from the sale of units under the offering, with the exception of the aggregate gross proceeds from the sale of units to companies owned by Eric Sprott, which were subject to a reduced cash commission equal to 4.5 per cent. Furthermore, the company issued the agents an aggregate of 4,361,642 non-transferable broker warrants of the company, being 6 per cent of the aggregate number of units issued pursuant to the offering (other than in respect of units issued to certain subscribers). Each broker warrant is exercisable to acquire one common share at an exercise price of 10.5 cents per common share at any time on or before May 14, 2028. The company also issued 578,750 common shares to 2743708 Ontario Inc., an arm's-length finder, in connection with the offering, representing 5 per cent of the aggregate number of units that were sold to subscribers introduced to the company by such finder.

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

Mr. Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 15,238,100 units pursuant to the offering at a price of 10.5 cents per unit for total consideration of $1,600,000.50. Prior to the offering, Mr. Sprott beneficially owned and/or controlled 5,793,143 common shares and 750,000 warrants, representing approximately 4.0 per cent of the issued and outstanding common shares on a non-diluted basis and 4.5 per cent of the issued and outstanding common shares on a partially diluted basis, assuming exercise of such warrants. As a result of the offering, Mr. Sprott now beneficially owns and/or controls 21,031,243 common shares and 8,369,050 warrants (including the warrants acquired under the offering), representing approximately 9.5 per cent of the issued and outstanding common shares on a non-diluted basis and 12.8 per cent of the issued and outstanding common shares on a partially diluted basis, assuming exercise of such warrants (including the warrants acquired under the offering).

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment, and may acquire additional securities, including on the open market or through private acquisitions, or may sell the securities, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on Excellon's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario, 7 King St. East, Suite 1106, Toronto, Ont., M5C 3C5).

The offering was made by way of a 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 and in jurisdictions outside of Canada on a private placement or equivalent basis, in each case in accordance with all applicable laws. The securities issued under the offering to purchasers in Canada are subject to a four-month hold period in Canada pursuant to applicable Canadian securities laws, which will expire on Sept. 15, 2025. The units were offered to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under Ontario Securities Commission Rule 72-503, and, accordingly, the securities issued under the offering to purchasers outside of Canada are not subject to a four-month hold period in Canada. The offering is subject to final acceptance of the TSX Venture Exchange.

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 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.