Mr. Shawn Howarth reports

EXCELLON ANNOUNCES APPOINTMENT OF MIKE HOFFMAN TO BOARD OF DIRECTORS AND PROVIDES CORPORATE UPDATE

Excellon Resources Inc. has appointed Mike Hoffman, PEng, ICDD, to its board of directors, effective immediately.

Mr. Hoffman, PEng, ICDD, brings over 35 years of international mining experience spanning engineering, mine operations, corporate development and project execution. He currently serves as chair and director of NiCan Ltd., and as a director of 1911 Gold Corp., Volta Metals Inc. and Fury Gold Mines Ltd. He also previously served on the board of Silver X Mining, a Peruvian silver producer, where he chaired the technical committee. Mr. Hoffman has held CEO roles at Crocodile Gold, Crowflight Minerals and Kria Resources, leading the development, financing and operation of multiple mining assets.

Mr. Hoffman played key roles in the development of major Latin American projects, including Antamina in Peru and Spence in Chile. His broader experience includes senior positions with Goldcorp, Yamana and Desert Sun Mining, where he worked across both underground and open pit operations in the Americas. He holds a bachelor of applied science in mining engineering from Queen's University, is a licensed professional engineer in Ontario and holds the ICDD designation from the Institute of Corporate Directors.

The appointment of Mr. Hoffman as a director of the company remains subject to acceptance of the TSX Venture Exchange.

Laurie Curtis, chairman, commented: "On behalf of the board, we are pleased to welcome Mike to the Excellon team. He brings a wealth of mining and corporate experience that will contribute meaningfully to both governance and strategy as we execute our growth plans. We are confident that Mike's insights will help strengthen the company's path back to production and beyond."

Shawn Howarth, president and chief executive officer, commented: "Mike's breadth of operational leadership complements the deep technical strength of our team, including COO Paul Keller. Mike's experience building and operating mines -- particularly in Peru -- adds significant depth as we advance Mallay and build a foundation for potential production and discovery across the district."

Filing of Mallay technical report

The company has filed an independent technical report on the Tres Cerros Au-Ag (gold-silver) project and Mallay mine property in Peru. The technical report was prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. A copy of the technical report is available on both SEDAR+ and on the company's website.

Investor relations agreements

The company has entered into an investor relations agreement (the Capital Analytica agreement) with Triomphe Holdings Ltd. (doing business as Capital Analytica) for investor relations and communication services. The Capital Analytica agreement has an initial term of six months, commencing July 3, 2025, under which the company will pay Capital Analytica an aggregate of $120,000 in cash at a rate of $20,000 per month, with an option to renew the Capital Analytica agreement for an additional six months at a rate of $10,000 per month, unless terminated earlier in accordance with the terms of the Capital Analytica agreement. The company will also be required to grant incentive stock options to Capital Analytica at a later date. The Capital Analytica agreement is subject to TSX-V acceptance.

Pursuant to the terms of the Capital Analytica agreement, Capital Analytica will provide continuing capital markets consultation, continuing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, discussion forum monitoring and reporting, corporate video dissemination, and other related investor relations services.

Excellon has entered into an investor relations agreement (the TBIR agreement) with TB Investor Relations (TBIR) to assist the company in enhancing communication and engagement with its shareholders and the investment community. The TBIR agreement is effective as of July 3, 2025, and will continue on a month-to-month basis unless terminated by either party with one month's notice. In consideration for TBIR's services, the company will pay TBIR a monthly fee of $6,000 plus HST in cash payable from the company's general working capital. TBIR is an arm's-length party and does not have any direct or indirect interest in the company or its securities, nor does it have any right or intent to acquire such an interest. The TBIR agreement is subject to TSX-V acceptance.

Election to issue common shares in satisfaction of convertible debenture interest obligation

The company announces that in accordance with the terms of the secured convertible debentures issued on July 30, 2020, as such terms have been amended from time to time, it has elected to issue to the holders thereof 1,741,286 common shares of the company at a deemed price of 21 cents per common share in satisfaction of accrued and unpaid interest on the convertible debentures from Dec. 31, 2024, to but excluding June 30, 2025, in the amount of $365,670. In accordance with the terms of the convertible debentures, the deemed price was determined on June 23, 2025, based on the 15-day volume-weighted average price of the common shares on the TSX-V for the period ending June 20, 2025. The issuance of the common shares in satisfaction of the interest payment owing under the convertible debentures is subject to the receipt of all requisite approvals, including the acceptance of the TSX-V.

Debt settlement transaction

Excellon is also pleased to announce the terms of a proposed debt settlement transaction with an arm's-length creditor of the company pursuant to which the company intends to settle approximately $546,000 of indebtedness through the issuance of 2,427,917 common shares at a deemed price of 22.5 cents per common share.

Closing of the debt settlement is expected to occur in July, 2025, and remains subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the conditional acceptance of the TSX-V. The securities issued pursuant to the debt settlement will be subject to a four-month hold period under applicable Canadian securities laws.

About Excellon Resources Inc.

Excellon's vision is to realize opportunities through the acquisition and advancement of quality precious and base metal assets, leveraging an experienced management team for the benefit of its employees, communities and shareholders. The company is focused on the potential restart of the Mallay silver mine in Peru. Excellon also holds a portfolio of exploration-stage projects, including Kilgore, an advanced gold project in Idaho, and Silver City, a high-grade epithermal silver district in Saxony, Germany, and the Tres Cerros gold/silver exploration property in Peru, providing additional growth upside.

We seek Safe Harbor.