Mr. Shawn Howarth reports

EXCELLON ANNOUNCES CLOSING OF DEBT SETTLEMENT

Further to Excellon Resources Inc.'s news release dated July 3, 2025, it has closed a debt settlement transaction with an arm's-length creditor of the company pursuant to which the company settled approximately $546,000 of indebtedness by issuing 2,427,917 common shares of the company at a deemed price of 22.5 cents per common share.

The debt settlement is subject to final acceptance of the TSX Venture Exchange. The securities issued pursuant to the debt settlement are subject to a four-month hold period under applicable Canadian securities laws which will expire on Jan. 18, 2026.

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.