Mr. John Gilbert reports

EXCALIBUR METALS GENERATES NEW HIGH-PRIORITY GOLD-SILVER BULK TONNAGE TARGET

Excalibur Metals Corp. recently completed a paired remote-sensing and ground-based spectral survey focused on gold and silver pathfinder mineral alteration which returned promising indicators for a broader mineralized system on-trend and under cover at the Bellehelen project, Nye county, Nevada. This in turn motivated staking of an additional 102 unpatented mineral claims that primarily extend the company's mineral tenure to the northwest along the Bellehelen fault, which hosts a largely unexplored, low-sulphidation gold and silver district.

"Using modern tools, Bellehelen continues to check off the boxes for Tier 1 potential," says John Gilbert, chief executive officer of Excalibur Metals. "The most recent data indicates a broad wide alteration zone over 1.5 km wide to the northwest -- and our groundwork corroborates what appears to be a large, high-level argillic alteration zone at the intersection of major structures. These geologic features can indicate the potential for disseminated bulk-tonnage gold and silver mineralization at depth. Given there are high-grade, historic shallow mines in the vicinity, we see this as a priority follow-up target as it appears similar to the mineralization Kinross mines nearby at Round Mountain."

The ground-based alteration samples were analyzed with a tabletop infrared spectrometer. This was used to aid in interpreting airborne AVIRIS hyperspectral data into a district-scale alteration model. This model will be used in conjunction with ground-based sampling, mapping and geophysics to delineate potential drill targets on this newly acquired ground.

Additional staking

The additional 102 claims staked comprise 2,107 acres (852 hectares) and are primarily to the northwest of the existing Bellehelen claims. This new area follows a northwest mineral alteration trend along the Bellehelen fault and coincident calderas which contain widespread gold and silver mineralization. The Bellehelen project now stands at 271 unpatented mineral claims totalling 5,600 acres (2,266 hectares) covering a gold and silver mineralized trend over 10-plus kilometres.

Quality assurance/quality control

AVIRIS (airborne visible/infrared imaging spectrometer) is a full spectral range imaging spectrometer and dedicated to earth remote measurement. It deploys an optical sensor that delivers calibrated images of the upwelling spectral radiance in 224 contiguous spectral channels (bands) with wavelengths from 380 to 2,510 nanometers. Two AVIRIS scenes were processed for alteration mineralogy in the area of interest. The two AVIRIS scenes were both flown on Aug. 1, 2025.

Remote sensing processing was completed using ENVI software and proprietary in-house algorithms. Alteration, white mica wavelength, white mica strength, kaolinite strength products were generated in order to contribute to the exploration framework.

The field sample spectrometer used was an ASD FieldSpec Pro with a spectral resolution ranging from three to 10 nm. Between one and three surfaces were analyzed on 63 rock samples for a total of 77 analyses. AVIRIS mapping methodology uses known areas of hydrothermal alteration within the image as a quality check. The dominant alteration mineralogy of the hand samples (kaolinite and illite) matches the dominant alteration minerals mapped with AVIRIS. Field checking and field review of the image results is continuing.

Management cautions that prospecting surface rock samples and associated spectra, 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. In addition, further assay results from the exploration program have not yet been received and these may change the interpretation of exploration results.

Dr. Alan Wainwright, a consultant of the company, is a qualified person (QP) as defined by National Instrument 43-101. Dr. Wainwright has reviewed and approved the technical information disclosed in this news release. The QP 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 QP has verified all scientific and technical data disclosed in this news release including the sampling and QA/QC (quality assurance/quality control) results, and certified analytical data underlying the technical information disclosed. The company and the QP 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+. Management cautions that production from, or discoveries on, adjacent properties may not necessarily be indicative to the presence of mineralization at the Bellehelen project.

Option grant

The company also announces that it has granted a total of 250,000 stock options to an officer at an exercise price of 23 cents for a period of five years. The options vest in four equal instalments over a period of 24 months.

About Bellehelen

Bellehelen encompasses a district-scale, 10-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 g/t 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 (TSX-V) under the symbol EXCL.

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