Mr. John Gilbert reports

EXCALIBUR METALS MOBILIZES BELLEHELEN FIELD CREWS FOCUSING ON TWO NEWLY-DEFINED TARGETS; FINALIZES DRILL PREPARATIONS FOR SPYGLASS RIDGE

Field crews have mobilized to Excalibur Metals Corp.'s newly staked Rangefront target at the Bellehelen project, Nye county, Nevada. Simultaneously, the company has completed site preparations for the maiden drilling program at the Spyglass Ridge gold-silver target, which is set to commence in the coming weeks.

Following a comprehensive review of regional airborne remote sensing data and geochemical anomalies from surface samples, Excalibur recently extended the company's land position by over four kilometres to the northwest along the Bellehelen fault (refer to March 19, 2026, news release), which coincides with epithermal-style alteration and mineralization on trend.

"The footprint of the Rangefront target indicates the potential scale and character we would expect to see in a Tier 1 target," said John Gilbert, chief executive officer of Excalibur Metals. "The broad, intense alteration signature suggests extensive and robust fluid circulation occurred, and the historical artisanal gold mines nearby on the margins of the alteration cell may be just a hint of what lies underneath -- a much larger, unexplored gold and silver system at depth. Bellehelen is the type of neighbourhood where you want to be looking in Nevada for a standout discovery."

The mobilized field crews are tasked with:

• Two soil geochemistry survey grids (approximately 600 samples total) to further delineate targets: (1) the one-by-1.5-kilometre Rangefront target; and (2) extending coverage around the 400-metre linear silver-in-soil anomaly at the Broken Cabin target that lies 700 m north of Spyglass Ridge along parallel, steep east-west structure;
• Mapping, sampling and structural evaluation of this target to identify fluid conduits and architecture for potential silver-gold mineralization.

Spyglass Ridge drill program outline

At the Spyglass Ridge target, preparation for the phase 1 reverse circulation drilling program is complete. The company has finalized the construction of the main access roads and seven drill pads.

Highlights of the coming spring 2026 Spyglass drill program include:

• Drill mobilization: The drill contractor is scheduled to arrive on site in the coming weeks.
• Targeting: The initial 3,000-metre, eight-hole reverse circulation drill program will focus on testing the gold and silver mineralization at depth, where previous surface sampling returned broad, anomalous gold and silver values (for details, see Feb. 26, 2026, news release).
• Permitting: All necessary permits for the initial program are in hand.

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.

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, development and permitting experience within North America. Excalibur is traded on the TSX Venture Exchange under the symbol EXCL.

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