Mr. Brendan Cahill reports

EXCELLON COMPLETES $11.5 MILLION BOUGHT DEAL FINANCING

Excellon Resources Inc. has closed its previously announced bought deal public offering of 10,925,000 units, including 1,425,000 units issued upon full exercise of the overallotment option, at a price of $1.06 per unit for aggregate gross proceeds of approximately $11.5-million. The Offering was underwritten by Cormark Securities Inc. as sole bookrunner and lead underwriter, on its own behalf and on behalf of PI Financial Corp., Sprott Capital Partners LP, Laurentian Bank Securities Inc. and Maison Placements Canada Inc. (collectively, the "Underwriters").

As previously announced, each Unit consists of one common share in the capital of the Company (each a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to acquire an additional Common Share at a price of $1.40 at any time on or before August 27, 2021. The Warrants are listed on the Toronto Stock Exchange under the symbol EXN.WT.

The Company intends to use the net proceeds of the Offering to fund exploration and capital expenditures at the Company's Platosa Project in Durango, Mexico and Evolucion Property in Zacatecas, Mexico, for corporate development and for general corporate purposes.

In connection with the Offering, insiders, including Eric Sprott, purchased an aggregate of 1,015,000 Units (for a total consideration of $1 million). Insider participation on the Offering is considered a "related party transaction" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the insiders' participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved related parties, exceeded 25% of the Company's market capitalization as determined under MI 61-101.

About Excellon

Excellon's 100%-owned Platosa Mine has been Mexico's highest-grade silver mine since production commenced in 2005. The Company is focused on optimizing Platosa's cost and production profile, discovering further high-grade silver and carbonate replacement deposit (CRD) mineralization on the 21,000 hectare Platosa Project and epithermal silver mineralization on the 100%-owned 45,000 hectare Evolucion Property, and capitalizing on current market conditions by acquiring undervalued projects in the Americas.

We seek Safe Harbor.