Mr. John Gilbert reports

EXCALIBUR METALS SAMPLING REVEALS A NEW, BROAD PRECIOUS METALS TREND AT BELLEHELEN PROJECT IN NEVADA

Excalibur Metals Corp. has discovered a new silver- and gold-mineralized trend at its Bellehelen project, located within the Walker Lane trend of Nevada. Reconnaissance soil samples collected as part of the recently completed fieldwork at Bellehelen reveal a large, consistent silver and gold soil anomaly extending over a 400-metre interval with values up to 7.79 parts per million silver and 87 parts per billion gold. This newly discovered mineralized zone lies 700 m north of the primary trend of historic mine workings and known gold and silver mineralization at Bellehelen.

"The reconnaissance surface exploration program we conducted this past fall aimed to expand the known scope of mineralization -- and it continues to do just that as these consistent, high-tenor gold and silver in soils further confirm that a robust system with significant scale developed at Bellehelen," said John Gilbert, chief executive officer of Excalibur. "Previously, this area to the north of the main trend saw very little, if any, historic production or modern exploration. These new results indicate the distinct likelihood that additional mineralized structures exist over a broad area under cover just to the north -- growing the scale for what we see as a Tier 1 target at Bellehelen. We plan to show that potential with the drill bit in the coming months."

Excalibur's field team collected 111 reconnaissance soil samples along three north-south-trending contour lines in November, 2025. Assays have returned encouraging gold and silver values, highlighted by 7.79 ppm Ag and 87 ppb Au, representing the highest silver-in-soil anomaly out of a data set containing 894 total samples (2021 to 2025). Ag values range from 0.33 to 7.79 ppm (mean of 0.27 ppm) and Au values range from 0.6 to 86.7 ppb (mean of 6.8 ppb). These reconnaissance soil samples were collected on the newly staked ground to the northeast of the original claim block and historic mine workings.

With the successful completion of detailed mapping, rock sampling and regional soil sampling program, along with recent ground geophysics, Excalibur is confidently advancing toward the final stage of its phase 1 exploration program as outlined in the Sept. 24, 2025, news release. A drill campaign of up to 2,500 metres of drilling is planned for this spring and will be designed to test priority targets generated from the integrated exploration results.

Quality assurance/quality control

All samples were collected in the field at 50-metre intervals using an auger. Sample locations were recorded using a hand-held GPS (Global Positioning System) with samples placed in prelabelled plastic bags. Samples were securely transported by field staff to ALS USA's laboratory in Reno, Nev., for standard sample preparation, which includes drying at 60 C and screening to minus 180 micrometres (ALS code SCR-41). The 50-gram pulps were subsequently shipped by ALS to ALS labs in Vancouver, Canada, and then analyzed for trace gold and multielement PKG (ALS code AuMe -- ST44). ALS is independent of the company.

Management cautions that prospecting soil samples and associated assays, as discussed herein, are selective by nature and represent a point location and therefore may not necessarily be fully representative of the mineralized horizon sampled.

Dr. Alan Wainwright, a consultant of the company, is a qualified person as defined by National Instrument 43-101. Dr. Wainwright has reviewed and approved the technical information disclosed in this news release. The qualified person has not verified the historical data, but verification of these data will be done through the company's planned exploration activities. With respect to data from sampling conducted by the company, the qualified person has verified all scientific and technical data disclosed in this news release, including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. The qualified person has verified the data disclosed in this news release by reviewing the assay data. The qualified person detected no significant QA/QC issues during review of the data and noted no errors or omissions during the data verification process. The company and the qualified person do not recognize any factors of sampling that could materially affect the accuracy or reliability of the data disclosed in this news release.

For additional information on the Bellehelen project, please refer to the technical report titled "Bellehelen Property NI 43-101 Technical Report" with an effective date of Aug. 15, 2024, filed on SEDAR+.

About Bellehelen

Bellehelen encompasses a district-scale, seven-kilometre-long mineralized trend that historically produced an estimated 311,000 silver equivalent ounces in the early 1900s. Numerous historic workings are distributed along the entire length of this extensive corridor, highlighting a continuity of mineralization across multiple zones on the property. Historical surface sampling returned high-grade assays of up to 11.25 grams per tonne gold and 3,490 grams per tonne silver, confirming the presence of a fertile precious metal system. In addition, broad soil anomalies and extensive vein networks within the large structural corridor suggest the potential for both high-grade shoots and bulk-tonnage targets, underscoring the exceptional scale and prospectivity of the Bellehelen property.

About Excalibur Metals Corp.

Excalibur Metals is a Canadian company focused on exploring for precious metals within established mining areas in the Western United States. The company has acquired the option to purchase 100 per cent of the Bellehelen project in Nye county, central Nevada. The claims cover most of the historic Bellehelen mining district, where gold and silver were initially discovered and mined in the early 1900s. Excalibur has assembled an exceptional team with considerable exploration, developing and permitting experience within North America. Excalibur is traded on the TSX Venture Exchange under the symbol EXCL.

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