Mr. Shawn Howarth reports

EXCELLON ACQUIRES SIGNIFICANT EXPLORATION PROPERTY SOUTH OF TRES CERROS

Excellon Resources Inc. has acquired two new mineral concessions, materially extending Excellon's land position south of the Tres Cerros gold-silver exploration property in Peru.

Highlights:

• Major land position expansion: adds 1,132 hectares of highly prospective ground immediately south of and contiguous with the company's existing Tres Cerros claims;
• Extends Tres Cerros corridor: coincident IP, geochemical and spectral anomalies identified at the southern margin of the original concessions, together with interpreted controlling geological features, appear to continue into the newly acquired concessions forming a 10-kilometre-north-south-by-five-kilometre E-W (east-west) corridor of prospective terrain. The acquired area also hosts a large intrusive body interpreted to be related to the Tres Cerros mineralizing event.
• Terra Resources reinterpretation identifies drill-ready targets: Terra Resources Pty. Ltd. has completed a technical reinterpretation of the historical geophysical and geological data sets and generated a ranked set of priority drill targets to support Excellon's first phase of drilling.
• Permitting update: Excellon has initiated the drill permit process for an initial approximately 5,000-metre drill program.

Shawn Howarth, president and chief executive officer, commented: "This acquisition extends our prospective trend by approximately five kilometres to the south, giving us the scale to pursue this system as an emerging district. With Terra's ranked drill targets in hand and permitting now in progress, we're focused on executing a disciplined, first-pass 5,000-metre program and letting the results drive the next phase."

New concessions: Tres Cerros 32 and Tres Cerros 33

Excellon's Peruvian subsidiary, Minera CRC SAC, acquired the following concessions:

• Tres Cerros 32 -- 632 hectares;
• Tres Cerros 33 -- 500 hectares.

Exploration by Excellon and predecessor Buenaventura identified a strong, 2.5-kilometre-long, north-south-trending zone of coincident IP, geochemical and satellite spectral anomalies which extend to the southern margin of the company's original tenements. The geophysical anomaly trends are open to the north and south beyond the limits of the historical survey coverage. Mapped controlling structures and spectral anomalies are interpreted to continue into the newly acquired concessions. The acquired area also hosts a large intrusive body which is interpreted to be related to the Tres Cerros mineralizing event.

Terra Resources technical reinterpretation and targeting

To accelerate drill targeting, Excellon engaged Terra to review and reinterpret historical data sets, including ground magnetics and pole-pole resistivity and induced polarization (IP). Terra's work program included quality assurance/quality control of data sets, reprocessing and enhancement, 2-D inversion modelling and 3-D inversion of resistivity and chargeability, and integrated interpretation to define and rank targets suitable for first-pass drilling.

In its geophysical review presentation, Terra reports that the reprocessed and inverted data sets support multiple chargeability targets along the main north-south structural corridor and additional targets associated with interpreted volcanic and caldera-margin features. Excellon will use these ranked targets to form the basis of the company's first phase of drill testing at Tres Cerros, subject to permitting and field readiness.

Next steps

• Exploration drilling permitting has been initiated. Further updates will be provided as this process advances.
• Fieldwork is expected to commence in Q2 2026.
• An initial approximately 5,000-metre drill program is planned on completion of permitting.

Qualified person

Steven L. Park, MSc, CPG, an independent consulting geologist and a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information related to the Tres Cerros exploration property contained in this news release.

Overview of Tres Cerros

The Tres Cerros gold and silver exploration property is a 3,310-hectare land package located adjacent to Excellon's Mallay silver mine in the prolific Miocene metallogenic belt of central Peru, and hosts an approximately 2.5 km by 0.5 km corridor of high-sulphidation gold-silver mineralization with coincident induced polarization (IP) and resistivity anomalies, representing a compelling bulk-tonnage exploration target. Under the terms announced with Excellon's October, 2024, acquisition of Mallay and Tres Cerros, Excellon is party to a back-in rights agreement providing for the sale of up to 49 per cent of Tres Cerros at an exercise price of 1.5 times Excellon's qualifying expenditures incurred. If the back-in right is exercised, the parties would thereafter finance future exploration and development on a pro rata basis in accordance with respective ownership interests.

About Excellon Resources Inc.

Excellon's vision is to realize opportunities through the acquisition and advancement of quality precious and base metal assets, leveraging an experienced management team for the benefit of its employees, communities and shareholders. The company is focused on the potential restart of the Mallay silver mine in Peru. Excellon also holds a portfolio of exploration-stage projects, including Kilgore, an advanced gold project in Idaho, and Silver City, a high-grade epithermal silver district in Saxony, Germany, and the Tres Cerros gold-silver exploration property in Peru, providing additional growth upside.

We seek Safe Harbor.