Mr. John Gilbert reports

EXCALIBUR METALS EXPANDS KNOWN MINERALIZED FOOTPRINT AT BELLEHELEN

Excalibur Metals Corp. has released results from rock samples collected as part of the recently completed ground work at the Bellehelen silver-gold property have expanded the known mineralized footprint by about one kilometre (km) to the northeast. Most of these new samples were collected within the newly staked claims, which are mostly located along the northeast margin of the original property, as outlined in the Nov. 19, 2025, news release.

"The recent rock-sampling program has significantly expanded the mineralized footprint beyond what was previously defined," says John Gilbert, chief executive officer of Excalibur. "The fact that these results come from the newly staked ground to the northeast underscores the strategic value of our recent property expansion. The identification of mineralization in this new area supports our evolving structural model and highlights a much larger target than originally anticipated."

Excalibur's field team collected 22 grab and composite grab rock samples from outcrops and float material including visually altered zones across the property in October and November, 2025 (see Table 1). Assays have returned encouraging gold and silver values, highlighted by a float sample grading 17.35 grams per tonne (gpt) gold (Au) and 1,385 gpt silver (Ag). An outcrop sample located approximately 700 metres off trend, returned 2.93 gpt Au and 2.5 gpt Ag, confirming mineralization beyond previously recognized limits. Several mineralized samples were collected on the newly staked ground to the northeast, extending the known mineralized footprint by roughly one kilometre. Importantly, the system remains open in all directions.

Results for an additional 47 chip samples (outcrop and float) that were collected during the same field program are still pending and expected within the next two weeks.

Quality assurance/quality control

All samples were collected in the field using a hammer and/or chisel. Sample locations were recorded using a handheld GPS with samples placed in prelabelled plastic bags. Metal tags with corresponding sample numbers were attached to flagging tape and tied to a rock adjacent to each sample site for location reference. Samples were securely transported by field staff to ALS USA's laboratory in Reno, Nev., for standard sample preparation which includes drying at 60 degrees Celsius, crushing to 90 per cent passing two millimetres, splitting with Boyd Rotary Splitter, and pulverized to 85 per cent passing 75 micrometres. The pulps for gold analysis were analyzed by gold fire assay (code Au-AA26) in Reno. The pulps for 36 elements using aqua regia digestion with ICP-AES finish (code ME-ICP41) were shipped by ALS to ALS labs in Vancouver, Canada. Reported Ag results use lab method ME-ICP41. Ag overlimit sample E568529 was also analyzed by Ag-OG46 (shown in Table 1). A quality assurance/quality control protocol was incorporated into the program, and a blank sample was inserted into the sample string. ALS is independent of the company.

Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled. In addition, further assay results from the exploration program have not yet been received and these may change the interpretation of exploration results.

Dr. Alan Wainwright, a consultant of the company, is a qualified person (QP) as defined by National Instrument 43-101. Dr. Wainwright has reviewed and approved the technical information disclosed in this news release. The QP has not verified the historical data, but verification of these data will be done through the company's planned exploration activities. With respect to data from sampling conducted by the company, the QP has verified all scientific and technical data disclosed in this news release including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. The QP has verified the data disclosed in this news release by reviewing the assay data; and checking the performance of blank samples and certified reference materials. The QP detected no significant QA/QC 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 of sampling that could materially affect the accuracy or reliability of the data disclosed in this news release.

About Bellehelen

Bellehelen encompasses a district-scale, seven-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. In addition, broad soil anomalies and extensive vein networks within the large structural corridor suggest the potential for both high-grade shoots and bulk-tonnage targets, underscoring the exceptional scale and prospectivity of the Bellehelen property.

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

We seek Safe Harbor.