Mr. Shawn Howarth reports

EXCELLON ANNOUNCES CLOSING OF BROKERED PRIVATE PLACEMENT OF COMMON SHARES FOR GROSS PROCEEDS OF C$12 MILLION, INCLUDING FULL EXERCISE OF THE AGENTS' OPTION

Excellon Resources Inc. has closed its previously announced best effort private placement for aggregate gross proceeds to the company of $12-million, which includes the full exercise of the agent's option. Pursuant to the offering, the company sold an aggregate of 60 million common shares in the capital of the company at a price of 20 cents per offered share.

Red Cloud Securities Inc. and Velocity Capital Partners, as co-lead agents and joint bookrunners, together with Haywood Securities Inc., Beacon Securities Ltd. and Integrity Capital Group Inc., acted as agents in connection with the offering pursuant to the terms of an agency agreement dated Sept. 9, 2025.

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 more fully described in the amended offering document (as defined herein).

In accordance with National Instrument 45-106 (Prospectus Exemptions), the offered shares were issued to purchasers resident in certain provinces of Canada pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by co-ordinated blanket order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). Pursuant to the LIFE, subject to the satisfaction of certain conditions under applicable Canadian securities legislation, the offered shares are immediately freely tradable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The offered shares were also offered in the United States or to, or for the account or benefit of, U.S. persons by way of a private placement pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws.

As consideration for their services, the company paid the agents aggregate cash fees of $684,000. The offering is subject to final acceptance of the TSX Venture Exchange.

Eric Sprott, a related party of the company, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, subscribed for 10 million offered shares under the offering on the same terms as arm's-length investors. The participation of 2176423 Ontario Ltd. in the offering constitutes a related-party transaction for the purposes of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the offering in reliance on sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101, as no securities of the company are listed or quoted on the specified markets and neither the fair market value of the securities issued to 2176423 Ontario, nor the fair market value of the consideration for the securities issued to 2176423 Ontario exceeds 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101. The company did not file a material change report more than 21 days before the expected closing date of the offering as the aforementioned insider participation had not been confirmed at that time and the company wished to close the offering as expeditiously as possible.

There is an amended and restated offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website.

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.