Mr. John Gilbert reports

EXCALIBUR ENGAGES PRECISION GEOSURVEYS FOR AIRBORNE GEOPHYSICAL SURVEY AT BELLEHELEN

Excalibur Metals Corp. has engaged Precision GeoSurveys U.S. Inc. to conduct a high-resolution helicopter-borne magnetic and radiometric survey at the company's Bellehelen silver-gold project in Nye county, Nevada. The planned 876-line-kilometre survey will cover approximately 79.6 square kilometres and build on airborne data collected by Precision in 2020 to support geological interpretation and exploration target development.

Program highlights:

• Experienced survey contractor: Precision has acquired and processed data from more than 800 airborne geophysical surveys since 2007, including the 2020 Bellehelen survey.
• Detailed survey coverage: Approximately 876 line kilometres at 100-metre survey line spacing, with 1,000-metre tie line spacing and a nominal terrain clearance of 30 metres above ground level.
• Closer spacing in overlapping areas: New survey lines will be offset by 50 metres from the 2020 lines, providing effective 50-metre spacing where the two surveys overlap.
• Integrated target development: Magnetic and radiometric data will complement geological mapping, geochemistry and existing geophysical data sets to help refine exploration targets.

"Precision's experience at Bellehelen provides continuity as we build on the existing airborne data set," commented John Gilbert, chief executive officer of Excalibur. "The closer line spacing in areas of overlap will give us a more detailed view of geological structures that may influence the distribution of silver-gold mineralization. There remain large geophysical anomalies that continue beyond our existing data set along the main Bellehelen trend, and are associated with silver and gold mineralization. Our understanding of the system at Bellehelen continues to grow, as does the system's size. Integrating this information with our mapping, sampling and ground geophysics will help us refine targets and prioritize areas for future drill testing."

Bellehelen airborne survey

The program comprises approximately 795 line kilometres of survey lines and 81 line kilometres of perpendicular tie lines. Precision will use the same survey reference point, technologies and specifications as its 2020 survey to facilitate merging the new and historical magnetic and radiometric data sets.

Magnetic surveying measures variations in the Earth's magnetic field associated with differences in the magnetic properties of rocks. The data can help interpret rock units, geological contacts and structures, including features beneath cover. Radiometric surveying measures natural gamma radiation from near-surface materials and can help distinguish rock types and identify patterns potentially associated with alteration. These methods support geological interpretation but do not directly establish the presence, grade or continuity of silver-gold mineralization.

The new data set is intended to complement the company's broader exploration work at Bellehelen, including the recently reported gravity survey at Rangefront (see Excalibur news release dated Oct. 20, 2026), previous controlled-source audio frequency magnetotelluric surveying, geological mapping and surface geochemical sampling. Integrated interpretation will help the company assess structural relationships and refine priorities for further exploration.

Survey equipment and schedule

Precision's planned helicopter-mounted system at Bellehelen includes a magnetic sensor installed in a non-magnetic nose boom and gamma detection crystals mounted inside the aircraft. This configuration supports low-level, terrain-following surveying without a suspended sensor system. Real-time three-axis magnetic compensation is used to reduce aircraft-related magnetic effects.

Magnetic measurements will be collected at 20 samples per second, providing approximately one- to two-metre sample intervals along flight lines. Radiometric measurements will be collected once per second. Precision will undertake daily preliminary quality control, followed by final processing and delivery of merged data sets, maps and a survey logistics report.

Mobilization is anticipated in mid-November, 2026, subject to weather, aircraft and equipment availability, permitting, airspace restrictions and other operational considerations. Final processed data and maps are expected approximately three to four weeks after field operations are completed, subject to data quality and processing requirements.

Qualified person

Matthew Dumala, PEng, an independent 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.

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. Broad soil anomalies, extensive vein networks, and the results of the company's recent drilling and geophysical programs demonstrate the potential for both structurally controlled higher-grade mineralization and broader zones of disseminated mineralization.

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.

We seek Safe Harbor.