Mr. John Gilbert reports

EXCALIBUR REPORTS GRAVITY SURVEY RESULTS FROM RANGEFRONT TARGET AT BELLEHELEN

Excalibur Metals Corp. has released results from its ground gravity survey at the Rangefront target at the company's Bellehelen silver-gold project, Nye county, Nevada.

The survey was designed to improve the company's understanding of the geology and structural setting at the intersection of the Bellehelen and Rangefront faults and adjacent postmineral cover. The survey results corroborate the existing interpretation that the observed mineral alteration and geochemical anomalies likely overlie the structural intersection of these two major faults . The gravity results are being integrated with geological observations, geochemical sampling results and previously reported controlled-source audio frequency magnetotelluric data (as outlined in the Excalibur news release dated July 9, 2026) to refine the company's interpretation of the target.

Highlights from Rangefront:

• Ground gravity survey completed: approximately 20 square kilometres covered by a survey grid measuring approximately six km by 3.4 km, with stations spaced at 200-metre intervals;
• Rangefront fault and splays: results refine the interpretation of fault locations and displacement, helping identify structures that may have provided pathways for mineralizing fluids;
• Refining depth to bedrock: interpretation of the gravity data is helping assess the thickness of cover along the Rangefront corridor and prioritize potentially shallow, concealed drill targets.

"The gravity survey was designed to help us understand what lies at the structural intersection between the primary Bellehelen fault zone and the Rangefront fault, as well as what lies beneath the cover at Rangefront," commented John Gilbert, chief executive officer of Excalibur. "The results support our interpretation that this structural setting may have provided pathways for mineralizing fluids. Together with the alteration, geochemical and CSAMT data, the gravity results strengthen the rationale for prioritizing Rangefront within Bellehelen's broader portfolio of exploration targets and will help us refine where to focus drill testing."

Rangefront gravity survey

Rangefront lies approximately eight kilometres northwest of Spyglass Ridge, within the broader Bellehelen exploration corridor. Previous work identified extensive alteration and a multielement soil anomaly associated with the Rangefront area, where exposed bedrock passes beneath younger gravel cover to the west.

As reported on July 9, 2026, CSAMT surveying identified a west-dipping resistivity discontinuity interpreted as a fault that may have influenced hydrothermal fluid movement. The gravity survey was subsequently undertaken to provide complementary information on subsurface geology and structures.

Thomas Carpenter, consulting geophysicist of Reno, Nev., completed the survey in September, 2026. The survey comprised 420 stations spaced at 200-metre intervals across an area measuring approximately six km by 3.4 km. Measurements were collected using LaCoste and Romberg Model-G gravity meter No. G-230. This meter has a proven record of excellent repeatability and low drift rates. The levels and sensitivity of the meter were checked prior to the commencement of the survey.

Of the 420 stations established on the project, nine stations (2.1 per cent) were occupied twice to check the statistical accuracy of the gravity measurements. The gravity repeatability varied from plus or minus 0.000 to 0.047 milligal, with an average difference of 0.008 milligal.

Geological interpretation and target development

The company's integrated interpretation of the gravity survey and existing exploration data identifies a prominent gravity high associated with the Rangefront fault. More subtle gravity features are interpreted to reflect subsidiary fault splays and the intersection with the Bellehelen fault.

The gravity results are being evaluated alongside previously interpreted CSAMT resistivity data, geological observations and surface geochemical anomalies to refine potential drill targets. This work is helping the company estimate depth to bedrock, evaluate potentially mineralized structures and geological horizons, and refine proposed drill locations.

Gravity and CSAMT surveys measure variations in the physical properties of the subsurface. Their interpretation does not establish the presence, grade or continuity of gold-silver mineralization, which would require drill testing.

Grant of incentive stock options

The company also announces that, on Oct. 19, 2026, it has granted 300,000 incentive stock options to a director of the company in accordance with the company's stock option plan. The options are exercisable at a price of 10.5 cents per share for a period of five years from the date of grant and are subject to the policies of the TSX Venture Exchange.

Qualified person

Matthew Dumala, PEng, a consultant of the company, is a qualified person as defined by National Instrument 43-101. Mr. Dumala has reviewed and approved the technical information disclosed in this news release.

The QP has verified all scientific and technical data disclosed in this news release, including the geophysical survey methodology and results. The QP detected no significant quality assurance/quality control issues during review of the data and noted no errors or omissions during the data verification process. The company and the QP do not recognize any factors that could materially affect the accuracy or reliability of the data disclosed in this news release.

About Excalibur Metals Corp.

Excalibur is 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 and on the OTCQB Venture Market under the symbol EXCBF.

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