Mr. John Gilbert reports

EXCALIBUR METALS ANNOUNCES CLOSING OF $3.6 MILLION PRIVATE PLACEMENT FINANCING

Excalibur Metals Corp. has closed its previously announced non-brokered private placement and has issued 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 $3.6-million. Each full warrant shall entitle the holder thereof to acquire one additional common share at a price of 30 cents until April 8, 2028.

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 until April 8, 2028, were paid on a portion of the offering in accordance with the policies of the TSX Venture Exchange. A total of $157,500 was paid in cash finders' fees and 787,500 finder warrants were issued.

All securities issued in connection with the offering are subject to a hold period ending on Aug. 9, 2026.

To demonstrate continued support of the company, certain officers and a director of the company and their affiliates participated in the offering and acquired an aggregate of 725,000 units for total gross proceeds of $145,000. Each subscription by a related party is considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The related party transactions are exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 in reliance upon the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the transaction, insofar as it involves the related parties, does not exceed 25 per cent of the company's market capitalization. The company did not file a material change report related to offering more than 21 days before the expected closing of the offering as required by MI 61-101 since the details of the participation by the related parties were not settled until shortly prior to the closing of the offering and the company wished to close on an expedited basis for sound business reasons.

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 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-V under the symbol EXCL.

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