Mr. John Gilbert reports

EXCALIBUR PROVIDES EXPLORATION UPDATE ON RANGEFRONT TARGET

Excalibur Metals Corp. has provided an exploration update on the developing Rangefront target at the company's Bellehelen silver-gold project, Nye county, Nevada.

Highlights from Rangefront

• Soil sampling has identified a large, coherent multielement anomaly (Sb-As-Hg) (antimony-arsenic-mercury) vectoring toward the Rangefront structural corridor, where epithermal alteration is obscured by gravel cover.
• CSAMT geophysics reveal an interpreted structure that corresponds with mapped faults along the Rangefront structural corridor, better defining the zone at depth.
• Rangefront is slated as a priority target for the company's next drill campaign, along with follow-up drilling at Spyglass Ridge, anticipated in late 2026 or early 2027.
• In the coming months, the company will remain focused on identifying, advancing and prioritizing targets at Bellehelen to optimize the chances of discovery during subsequent drilling.

The Rangefront target is located along the Bellehelen structural corridor approximately eight kilometres northwest of the Spyglass Ridge target. Rangefront was first identified through airborne AVIRIS hyperspectral data, which highlighted a multikilometre zone of increasing kaolinite alteration intensity interpreted as the upper cap of a precious metals epithermal system (see the company's news releases dated March 19, 2026 and April 16, 2026). Follow-up reconnaissance rock chip sampling returned anomalous mercury, antimony and arsenic across the alteration footprint, consistent with the high-level, gold-depleted portion of a preserved epithermal system.

Following this initial work, the company completed a systematic soil sampling grid across the Rangefront alteration anomaly, as well as a CSAMT survey. Results from both programs have now been received, with the soil samples defining a strong, coherent anomaly in antimony, arsenic, mercury and gold concentrated immediately along the Rangefront -- the contact where premineral bedrock outcrop is overlain to the west by postmineral alluvial cover. The CSAMT results reveal a marked discontinuity in resistivity values across a west-dipping plane near the location of the Rangefront; Excalibur interprets this discontinuity to correspond to a west-dipping fault that constitutes a structural target for epithermal mineralization.

"The exploration thesis at our Rangefront target is coming together in a very compelling way," commented John Gilbert, Excalibur chief executive officer. "Multiple data sets relating to the structure, alteration and geochemistry of the area document a metal-bearing epithermal system that remains open to the west and suggest that its principal structural control is concealed beneath shallow postmineral cover. This structure and the adjacent rocks represent a priority exploration target for the company. Ultimately, the only way to determine whether such a system hosts significant gold mineralization is with the drill bit, and Excalibur intends to do exactly that as part of its next drill campaign, currently planned for late 2026 or early 2027."

Soil survey

In March, 2026, the company collected 264 soil samples in a grid covering the Rangefront target. Soil geochemistry suggests increasing antimony, arsenic and gold values toward the west-southwest beneath postmineral cover. This trend suggests the system strengthens toward the interpreted Rangefront structure and supports the company's belief that the most prospective portion of the target remains concealed beneath shallow cover.

CSAMT survey

In April, 2026, KLM Geoscience completed a CSAMT geophysical survey across Rangefront to better understand the structural architecture beneath shallow postmineral cover. The survey identified a prominent west-dipping structural feature that separates areas of contrasting resistivity. Excalibur interprets this feature as a fault zone that may represent an important control on hydrothermal fluid flow and mineralization. The interpreted structure closely corresponds with a mapped Rangefront fault, increasing confidence in the company's geological model.

Importantly, this structural corridor coincides with the direction of increasing alteration and pathfinder geochemistry identified in surface sampling. Together, these data sets suggest that the Rangefront structure may be a key control on the hydrothermal system and represents a priority target for future drilling.

Next steps

Over the remainder of 2026, Excalibur will continue advancing exploration across the Bellehelen project through additional geological mapping, surface sampling, geophysical surveys and integrated interpretation of recent drilling results. This work is expected to support the refinement and prioritization of drill targets at Rangefront, Spyglass Ridge and other prospective areas ahead of the company's next phase of drilling.

Qualified person

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.

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 (quality assurance/quality control) 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. 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.

Management update

Excalibur also announces that Eli Turner has resigned from his position as vice-president of exploration, effective immediately. The company thanks Mr. Turner for his contributions during his tenure and wishes him every success in his future endeavours.

About Bellehelen project

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.

As it relates to adjacent properties disclosed in this news release, such as Round Mountain and Arthur, such mineralization is not necessarily indicative to the mineralization on the project.

About Excalibur Metals Corp.

Excalibur Metals is 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 (TSXV) under the symbol EXCL and on the OTCQB Venture Market under the symbol EXCBF.

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