Mr. Shawn Howarth reports

EXCELLON ANNOUNCES UPSIZE OF BROKERED PRIVATE PLACEMENT OF COMMON SHARES FOR GROSS PROCEEDS OF UP TO C$11 MILLION

Excellon Resources Inc. has entered into an agreement with Red Cloud Securities Inc. pursuant to which Red Cloud and Velocity Trade Capital Ltd. will act as co-lead agents and joint bookrunners on behalf of a syndicate of agents in connection with a best efforts private placement of up to 40 million common shares in the capital of the company at a price of 20 cents per offered share for aggregate gross proceeds to the company of up to $8-million.

The agents will have an option, exercisable in whole or in part up to 48 hours prior to the closing date (as defined herein), to sell up to an additional five million offered shares at the offering price to raise up to an additional $1-million in gross proceeds.

The company intends to use the net proceeds of the offering for advancing the development of the Mallay mine, working capital and general corporate purposes, as is more fully described in the offering document (as defined herein).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions, the offered shares will be offered for sale to purchasers resident in all of the provinces of Canada, other than Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. Subject to the satisfaction of certain conditions under applicable Canadian securities legislation, the offered shares are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision.

The offering is anticipated to close on or about Sept. 9, 2025, or such other date as the company and Red Cloud may agree. Completion of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.

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 the Tres Cerros gold/silver exploration property in Peru; Kilgore, an advanced gold project in Idaho; and Silver City, a high-grade epithermal silver district in Saxony, Germany, providing additional growth upside.

We seek Safe Harbor.