Mr. John Gilbert reports

EXCALIBUR METALS DEFINES NEW SILVER-GOLD SOIL ANOMALIES NORTH OF SPYGLASS RIDGE

Excalibur Metals Corp. has released results from expanded soil sampling north of the Spyglass Ridge target at its Bellehelen silver-gold project in Nye county, Nevada. The results have outlined multiple silver-gold soil anomalies across an approximately one-kilometre-long corridor extending north from Spyglass Ridge, including the newly defined Zigs target and the extended Broken Cabin target.

The expanded sampling outlines a broader prospective corridor extending north from Spyglass Ridge and identifies two additional areas of interest at Zigs and Broken Cabin. The results support the potential for multiple silver-gold-bearing structures within this part of the broader Bellehelen hydrothermal system.

"These results significantly expand the area of interest around Spyglass Ridge and demonstrate that multiple silver-gold anomalies extend north of the area tested by our maiden drill program," commented John Gilbert, chief executive officer of Excalibur. "The identification of Zigs as a new target, together with the stronger, broader Broken Cabin target area, gives us two additional areas to evaluate within approximately one kilometre of Spyglass Ridge. Our next phase of exploration will focus on understanding the structures associated with these anomalies and determining how they fit into the broader Bellehelen system."

New Zigs target

The newly defined Zigs target is located approximately 500 metres east-northeast of Spyglass Ridge in an area that has received limited previous exploration. Soil sampling identified coincident gold and silver anomalies, including gold values of up to 449 parts per billion and silver values of up to 2.0 parts per million.

Multiple samples from Zigs returned more than 100 ppb gold across a target area measuring approximately 300 m by 300 m. The gold and silver anomaly remain open.

The company plans to complete follow-up exploration at Zigs to better understand the source and geological controls of the soil anomaly.

Broken Cabin target

Broken Cabin is located approximately 700 m north of Spyglass Ridge along a prospective trend broadly parallel to the main Bellehelen trend with only very minor historic workings within and around the Broken Cabin target area. Initial reconnaissance sampling identified a 400-metre-long silver-in-soil anomaly in this area, prompting the company to complete an expanded soil grid to better define its extent.

The expanded data set returned gold values of up to 331 ppb and silver values of up to 7.8 ppm. Elevated gold and silver values occur across several adjacent sample lines, outlining a broad target area measuring approximately 300 m by 600 m.

The results strengthen Broken Cabin as a priority follow-up target and indicate the potential for a silver-gold-bearing structure separate from, but broadly parallel to, the main Bellehelen trend.

Silver-gold trend north of Spyglass Ridge

Together, Spyglass Ridge, Zigs and Broken Cabin define a broader prospective corridor extending approximately one kilometre north from the area tested by Excalibur's maiden drilling program. The occurrence of multiple silver-gold anomalies across separate target areas suggests that mineralization at Bellehelen may be controlled by a broader network of parallel or intersecting structures rather than a single mineralized trend.

The soil results will be integrated with the company's geological, structural and geophysical data sets and the results of its recent drilling at Spyglass Ridge. Zigs, Broken Cabin and other prospective areas within the corridor will be further evaluated as part of Excalibur's coming exploration program.

Quality assurance/quality control

All soil samples were collected in the field at 25-metre intervals using a hand auger. Sample locations were recorded using a hand-held GPS (Global Positioning System), and samples were placed in prelabelled plastic bags. Samples were securely transported by field staff to ALS USA's laboratory in Reno, Nev., for standard sample preparation, including drying at 60 C and screening to minus 180 microns (ALS method SCR-41). Prepared samples were subsequently analyzed for trace-level gold and multiple elements using ALS method AuME-ST44. A quality assurance/quality control protocol was incorporated into the program. ALS is independent of the company.

Management cautions that soil samples represent individual point locations, and the associated geochemical results may be influenced by factors including soil development, topography and surface dispersion. Accordingly, the results may not necessarily be representative of the grade or extent of any underlying mineralization.

Qualified person

Matthew Dumala, PEng, a consultant of the company, is a qualified person 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 qualified person 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 qualified person has verified the data disclosed in this news release by reviewing the assay data. The qualified person 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 qualified person 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, 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 grams per tonne silver, confirming the presence of a fertile precious metal system. Broad soil anomalies, extensive vein networks, and the results of the company's recent drilling and geophysical programs demonstrate the potential for both structurally controlled higher-grade mineralization and broader zones of disseminated mineralization.

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 under the symbol EXCL and on the OTCQB Venture Market under the symbol EXCBF.

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