Mr. John Gilbert reports

EXCALIBUR METALS ANNOUNCES UPSIZE OF PRIVATE PLACEMENT FINANCING

Further to the news release of March 12, 2026, Excalibur Metals Corp. has increased the size of its previously announced non-brokered private placement to up to 18 million units, with each unit consisting of one common share and one-half of one common share purchase warrant at a price of 20 cents per unit for aggregate gross proceeds of up to $3.6-million. Each full warrant shall entitle the holder thereof to acquire one additional common share at a price of 30 cents for a period of 24 months from the closing date of the offering. All securities issued in connection with the offering will be subject to a hold period of four months from the date of issuance.

The net proceeds of the offering will be used for exploration expenditures, working capital, investor relations, and general and administrative expenditures.

Finders' fees of 7 per cent in cash and 7 per cent in non-transferable finder warrants exercisable at a price of 30 cents for a period of 24 months from the closing date of the offering may be paid on a portion of the offering in accordance with the policies of the TSX Venture Exchange.

Excalibur intends to close the offering during March, 2026, or such date as the company may determine. Closing of the offering is subject to approval of the TSX Venture Exchange.

About Excalibur Metals Corp.

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

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