Mr. John Gilbert reports

EXCALIBUR EXPANDS RANGEFRONT TARGET WITH ADDITIONAL CLAIMS

Excalibur Metals Corp. has expanded its land position at the Bellehelen silver-gold project in Nye county, Nevada. The company has staked an additional 58 federal lode claims to encompass the projected extension of the northwest Rangefront target.

Strategic expansion highlights include:

• New claims: 58 additional claims (1,198 acres/458 hectares) covering the west-northwest extension of the Bellehelen district trend and the Stone Cabin Valley Pediment;
• Claim expansion follows high-resolution airborne AVIRIS (airborne visible/infrared imaging spectrometer) mineral alteration data indicating several potential alteration zones that can host gold-silver mineralization;
• Structural continuity: the claims encompass a potential structural zone under postmineral cover that may constitute the primary fluid pathway for the epithermal system at the Rangefront target. This includes the projection of the Bellehelen fault, which controls epithermal mineralization and alteration along a greater than 10 kilometre trend;
• District scale: this acquisition solidifies Excalibur's control over a multikilometre alteration anomaly, mirroring the structural settings of major Nevada epithermal systems.

"The Rangefront target represents a classic Nevada 'blind' discovery opportunity," said John Gilbert, chief executive officer of Excalibur Metals. "While our current drilling is focused on the high-grade outcropping veins at Spyglass Ridge, the AVIRIS data at Rangefront target reveals another, much larger alteration cell. Staking into Stone Cabin ensures we capture the upside potential of this system where it remains preserved under cover."

The Rangefront target and AVIRIS mapping

The expansion was driven by the results of AVIRIS hyperspectral processing, geologic mapping and geochemical sampling, all of which indicate the presence of a potentially gold-silver-bearing epithermal system that is open under cover to the west.

Field reconnaissance has confirmed the presence of an intersection zone between north-south structures and the west-northwest-trending Bellehelen fault. Excalibur's team hypothesizes that this structural intersection is a major control on the epithermal system at the Rangefront target. By securing 58 additional claims, Excalibur effectively controls the observed alteration footprint of the system plus its inferred extension under cover to the west.

The additional claims were staked to the west-northwest to cover an epithermal alteration footprint, where alteration is locally associated with gold-silver mineralization, forming a priority follow-up target. Airborne AVIRIS hyperspectral data show increasing kaolinite alteration mineral (crystallinity) intensity in two distinct zones at the northwest Rangefront. This style of alteration can indicate the uppermost cap of a mineralized gold-silver system.

Corporate update

The company also announces that is has engaged Triomphe Holdings Ltd., doing business as Capital Analytica, an arm's-length service provider, to provide certain marketing and social media services to the company, in accordance with the policies of the TSX Venture Exchange and applicable securities laws. Based in Nanaimo, B.C., Capital Analytica specializes in marketing, social media and public awareness within the mining and metals sector. Under a consulting services agreement dated April 30, 2026, Capital Analytica will provide social media services, capital markets consultation and social engagement reporting for an initial six-month term for a fee of $150,000, payable in two tranches (the first upon TSX-V approval and second within three months) with an option to renew the agreement for an additional six months at a rate of $75,000 unless terminated earlier in accordance with the terms of the agreement. The fees will be paid from the company's cash on hand. Subject to TSX-V approval, the services commence from the date of the agreement.

The company has also granted Capital Analytica 150,000 stock options exercisable at a price of 23 cents for a period of five years from the date of grant. The stock options vest at a rate of 25 per cent on the three, six, nine and 12 months from the date of grant. Other than the grant of stock options, Capital Analytica has no direct or indirect interest in the company or its securities and has no current intention or right to acquire any such interest during the engagement. The agreement, including the grant of stock options, remains subject to the approval of TSX-V.

Quality assurance/quality control

AVIRIS (airborne visible/infrared imaging spectrometer) is a full spectral range imaging spectrometer and dedicated to Earth remote measurement. It deploys an optical sensor that delivers calibrated images of the upwelling spectral radiance in 224 contiguous spectral channels (bands) with wavelengths from 380 to 2510 nanometres. Two AVIRIS scenes were processed for alteration mineralogy in the area of interest. The two AVIRIS scenes were both flown on Aug. 1, 2025.

Remote sensing processing was completed using ENVI software and proprietary in-house algorithms. Alteration, white mica wavelength, white mica strength, kaolinite strength products were generated in order to contribute to the exploration framework.

The field sample spectrometer used was an ASD FieldSpec pro with a spectral resolution ranging from three to 10 nm. Between one and three surfaces were analyzed on 63 rock samples for a total of 77 analyses. AVIRIS mapping methodology uses known areas of hydrothermal alteration within the image as a quality check. The dominant alteration mineralogy of the hand samples (kaolinite and illite) matches the dominant alteration minerals mapped with AVIRIS. Field checking and field review of the image results is continuing.

Management cautions that prospecting surface rock samples and associated spectra, 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.

Matthew Dumala, PEng, a consultant of the company, is a qualified person (QP) as defined by National Instrument 43-101. Mr. Dumala 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 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.

For additional information on the Bellehelen project please refer to the technical report titled "Bellehelen Property NI 43-101 Technical Report" with an effective date of Aug. 15, 2024, filed on SEDAR+. Management cautions that production from, or discoveries on, adjacent properties may not necessarily be indicative to the presence of mineralization at the Bellehelen project.

About Bellehelen

Bellehelen encompasses a district-scale, 10-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 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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