Vancouver, British Columbia--(Newsfile Corp. - October 20, 2026) - Excalibur Metals Corp. (TSXV: EXCL) (OTCQB: EXCBF) ("Excalibur" or the "Company") is pleased to report results from its ground gravity survey at the Rangefront Target ("Rangefront") at the Company's Bellehelen Silver-Gold Project ("Bellehelen" or the "Project"), Nye County, Nevada.

The survey was designed to improve the Company's understanding of the geology and structural setting at the intersection of the Bellehelen and Rangefront faults and adjacent post-mineral cover. The survey results corroborate the existing interpretation that the observed mineral alteration and geochemical anomalies likely overlie the structural intersection of these two major faults . The gravity results are being integrated with geological observations, geochemical sampling results and previously reported controlled-source audio-frequency magnetotelluric ("CSAMT") data (as outlined in the Excalibur news release dated July 9^th, 2026) to refine the Company's interpretation of the target.

Highlights from Rangefront

• Ground gravity survey completed: Approximately 20 square kilometres covered by a survey grid measuring approximately 6 km by 3.4 km, with stations spaced at 200 m intervals.
• Rangefront Fault and Splays: Results refine the interpretation of fault locations and displacement, helping identify structures that may have provided pathways for mineralizing fluids.
• Refining depth-to-bedrock: Interpretation of the gravity data is helping assess the thickness of cover along the Rangefront corridor and prioritize potentially shallow, concealed drill targets.

"The gravity survey was designed to help us understand what lies at the structural intersection between the primary Bellehelen fault zone and the Rangefront fault, as well as what lies beneath the cover at Rangefront," commented John Gilbert, CEO of Excalibur. "The results support our interpretation that this structural setting may have provided pathways for mineralizing fluids. Together with the alteration, geochemical and CSAMT data, the gravity results strengthen the rationale for prioritizing Rangefront within Bellehelen's broader portfolio of exploration targets and will help us refine where to focus drill testing."

Rangefront Gravity Survey

Rangefront lies approximately eight kilometres northwest of Spyglass Ridge, within the broader Bellehelen exploration corridor. Previous work identified extensive alteration and a multi-element soil anomaly associated with the Rangefront area, where exposed bedrock passes beneath younger gravel cover to the west.

As reported on July 9, 2026, CSAMT surveying identified a west-dipping resistivity discontinuity interpreted as a fault that may have influenced hydrothermal fluid movement. The gravity survey was subsequently undertaken to provide complementary information on subsurface geology and structures.

Thomas Carpenter, Consulting Geophysicist of Reno, Nevada, completed the survey in September 2026. The survey comprised 420 stations spaced at 200 m intervals across an area measuring approximately 6 km by 3.4 km. Measurements were collected using LaCoste and Romberg Model-G gravity meter number G-230. This meter has a proven record of excellent repeatability and low drift rates. The levels and sensitivity of the meter were checked prior to the commencement of the survey.

Of the 420 stations established on the Project, 9 stations (2.1%) were occupied twice to check the statistical accuracy of the gravity measurements. The gravity repeatability varied from +/- 0.000 to 0.047 mGal, with an average difference of 0.008 mGal.

Figure 1: Gravity results with survey coverage, relevant geological features and the Rangefront target area.

To view an enhanced version of this graphic, please visit:
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Geological Interpretation and Target Development

The Company's integrated interpretation of the gravity survey and existing exploration data identifies a prominent gravity high associated with the Rangefront Fault. More subtle gravity features are interpreted to reflect subsidiary fault splays and the intersection with the Bellehelen Fault.

The gravity results are being evaluated alongside previously interpreted CSAMT resistivity data, geological observations and surface geochemical anomalies to refine potential drill targets. This work is helping the Company estimate depth to bedrock, evaluate potentially mineralized structures and geological horizons, and refine proposed drill locations.

Gravity and CSAMT surveys measure variations in the physical properties of the subsurface. Their interpretation does not establish the presence, grade or continuity of gold-silver mineralization, which would require drill testing.

Grant of Incentive Stock Options

‍The Company also announces that on October 19, 2026, it has granted 300,000 incentive stock options (the "Options") to a director of the Company, in accordance with the Company's Stock Option Plan. The Options are exercisable at a price of $0.105 per share for a period of five years from the date of grant and are subject to the policies of the TSX Venture Exchange.

Qualified Person‍ ‍

Matthew Dumala, P.Eng., 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 verified all scientific and technical data disclosed in this news release including the geophysical survey methodology and results. 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 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 1900s¹. 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 g/t gold and 3,490 g/t silver¹, 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 Corp. 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% 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, development 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". For more information, visit www.excaliburmetals.com.

EXCALIBUR METALS CORP.

On behalf of the Company
"John Gilbert"
CEO

Notes

¹ Details about the historical production and results at Bellehelen can be found in the technical report titled "Bellehelen Property NI 43-101 Technical Report" authored by Heather Burrell, B.Sc., P.Geo. with an effective date of August 15, 2024 filed on SEDAR+ and referenced from Kleinhampl F.J. & J.I. Ziony. 1984a. Geology of Northern Nye County, NV. Nevada Bureau of Mines & Geology Bulletin 99A.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements regarding the interpretation and significance of gravity, CSAMT and other exploration data; the potential geological and structural controls at Rangefront; the identification, refinement and prioritization of exploration targets; planned additional modelling and fieldwork; the scope, timing and objectives of potential drilling; and the continued exploration of Bellehelen.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to continue as a going concern and implement the Company's operational plans, metal prices, the timing and amount of future exploration expenditures, the availability of labour, equipment and material, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to the Company not obtaining adequate financing to continue operations, risks related to the delay in approval of work plans, risks that geophysical survey interpretations may not accurately reflect subsurface geology or that drill testing may not confirm geophysical interpretations, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in commodity prices, risks related to current global financial conditions on the Company's business, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of exploration activities, including the risk of accidents, labour disputes, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

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