Mr. John Gilbert reports

EXCALIBUR METALS DELINEATES DRILL TARGETS AND STRENGTHENS MANAGEMENT TEAM

Following the recent completion of detailed mapping and sampling coupled with a CSAMT (controlled-source audio frequency magnetotellurics) geophysical survey and ground and airborne spectral data, Excalibur Metals Corp. has finalized drill hole locations at the Bellehelen silver-gold project located in the Walker Lane trend of Nevada. The drill program will consist of roughly 3,000 metres of reverse circulation drilling in eight holes at the Spyglass Ridge target. Drilling is expected to commence in mid-March, 2026.

"The completion of follow-up mapping, CSAMT geophysics and alteration mineralogy analysis has affirmed our priority drill target at Spyglass Ridge. We see Spyglass as the first step at Bellehelen in demonstrating the district-scale potential of the project," said John Gilbert, chief executive officer of Excalibur Metals. "With the planned 3,000-metre drill program, Spyglass is merely the first of many targets with the potential to define a precious metals deposit of considerable scale."

Technical information

The CSAMT geophysical survey was completed by Zonge International Inc. The survey used a controlled electromagnetic source to detect resistivity contrasts related to alteration, structures and potential mineralization. CSAMT measurements were acquired on seven south-southeast/north-northwest-trending lines with 100-metre line spacing, for a total of 11.2 line kilometres of data coverage.

Technical information in this news release has been reviewed and approved by Matthew Dumala, PEng, an independent consultant, a qualified person, as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

Management update

Excalibur is also pleased to announce the appointment of Elijah Turner, MSc, as vice-president of exploration. Mr. Turner is an economic geologist with extensive mineral exploration experience across North America, particularly in precious metal exploration in Nevada. In prior roles, Mr. Turner served as senior geologist at Orogen Royalties, where he was responsible for generating new exploration projects and managing partner-financed programs with South32, Yamana Gold, Pan American Silver and Altius Minerals. He previously worked as a geologist for Blackrock Silver, contributing to the inaugural drill program at the Tonopah West project, which contains a significant gold-silver resource. Mr. Turner holds a master's degree in geology from the University of Nevada.

Board of directors update

Excalibur also announces that Mark Morabito will be stepping down as executive chairman and a director, effective as of the date of this news release. Mr. Morabito will transition to an adviser role as a member of the company's advisory board.

Mr. Morabito commented: "I founded Excalibur back in 2021 with the goal of identifying high-potential exploration assets located in the United States. I believe that Bellehelen has this potential, and I am confident in the continued leadership and execution capability of the board of directors and management team. With my increasing time commitment on my other ventures, I have decided that now is the time to step back from my board and executive roles. I'll continue to provide support as a shareholder and member of the company's advisory board."

The board of directors thanks Mr. Morabito for his contributions and wishes him well in his other endeavours.

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 country, 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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