Mr. Shawn Howarth reports

EXCELLON DEFINES MULTI-STAGE GOLD-SILVER SYSTEM LINKING PIERINA, SHAFRA AND MALLAY DEEPS AT MALLAY MINE

Excellon Resources Inc. has provided updated geological interpretations and exploration priorities from technical reviews of the Pierina and Shafra zones at the company's wholly owned Mallay silver mine in central Peru.

Highlights:

• Pierina vein extension: historic drilling and mine records indicate that the gold-silver Pierina vein extends below the 4090 level and is a prime target for near-term exploration;
• Shafra zone: surface sampling completed by Excellon in 2025 confirms a gold-silver-base metal footprint coincident with a 500-metre diameter circular feature. Anomalous gold was found in 96 per cent of surface samples, ranging up to 62.38 grams per tonne Au, associated with veins and breccias of unknown depth extent;
• Mallay Deeps conceptual target: structural interpretations indicate the Isguiz vein and associated mineralized shoots (clavos) extend below the limits of historic drilling (level 3850), supporting continuity of mineralization at depth. Geological and structural evidence suggests the Shafra, Isguiz and Pierina structures may coalesce at depth within the favourable Santa formation, a regionally significant formation known host to polymetallic mineralization in the area.
• Planned exploration: underground drilling totalling 3,500 metres from the 4090 level to test the Pierina vein at depth, in combination with downhole geophysics as an aid to targeting Shafra and the Mallay Deeps.

Shawn Howarth, president and chief executive officer, commented: "The integration of Pierina, Shafra and Mallay Deeps provides a more complete picture of Mallay's multiphase mineralizing system.

"We now recognize continuity of the Pierina vein below existing levels, strong gold potential at Shafra, near surface and plausible intrusive-related feeder zones at depth. Together, these targets create an exciting exploration pipeline aligned with our broader restart and growth strategy in a strong silver-and-gold environment."

Pierina vein targets -- extending high-grade mineralization at depth

Core examination, including holes JM 06-08, ML 16-150 and JM 08-15, indicates the Pierina vein mineralization remains open at depth where it is associated laterally with porphyry dikes and breccias that merge northeast into the deeper portions of Shafra.

A recent review of historical core by Excellon geologists noted extensive silicification, brecciation and replacement of the limestones together with zones of disseminated pyrite and hydrothermal alteration and late carbonate and silica veining. These textures, coupled with persistent Ag-Pb-Zn-Au (silver-lead-zinc-gold) mineralization within the veining point toward vertical continuity and proximity to a multiphase porphyry feeder zone beneath the Pierina-Shafra target areas.

Detailed mineralogical studies of the Pierina vein indicate that gold is introduced late in the mineralization sequence and occurs predominantly as gold telluride and electrum, also as inclusions in pyrite, galena, chalcopyrite and carbonate minerals. The presence of adularia and bladed silica suggests an epithermal overprint to the earlier mesothermal sulphide event.

Excellon intends to evaluate this system by drilling below existing underground infrastructure on the 4090 level to test the Pierina extension down dip and along strike.

Shafra zone -- defining a gold-rich, bulk-tonnage target

A surface sampling campaign completed in 2025 returned anomalous gold values in 96 per cent of the 78 samples collected: 22 per cent greater than 0.40 gram per tonne Au, and five samples greater than 1.0 g/t Au, with a maximum value of 62.38 g/t Au. Grab samples were collected from both fractured Jumasha Limestone and silicified-marbleized limestone domains (tables 1 and 2). These results confirm widespread, structurally controlled gold enrichment and support the interpretation that Shafra represents a near-surface expression of the mineralizing system that formed the Pierina vein.

Follow-up drilling (six holes/approximately 3,500 metres) and downhole EM geophysics (target Q1 2026) are planned to evaluate depth prospectivity and refine vectors toward the Mallay Deeps target.

Mallay Deeps -- conceptual intrusive target beneath Mallay mine and Pierina

Integrated mapping and subsurface modelling suggest that the Pierina, Shafra and Isguiz structural corridors converge downward into the Santa formation, a pyritic, carbonaceous unit that regionally hosts significant polymetallic mineralization such as the nearby Iscaycruz mine.

This geometry, combined with widespread crackle breccia, marbleization and pyrite-carbonate veining, is consistent with a skarn-style mineralizing environment formed by fluid interaction between carbonate host rocks and proximal intrusives. The resulting Mallay Deeps concept envisions deep-seated Cu-Au-Ag-Zn stockwork/replacement and skarn mineralization related to a porphyry Cu-(Au) system.

The Mallay Deeps concept is exploration-target in nature. Insufficient exploration has been completed to define a mineral resource; it is uncertain whether future work will result in the target being delineated as a mineral resource.

Planned work

• Shafra drilling: Six NQ/HQ diamond holes (approximately 3,500 m) to test depth prospectivity and collect samples for gold-silver-base metal mineralization, litho-geochemistry/alteration studies. Drilling will commence from Mallay underground workings following dewatering of the lower-level areas of the mine (dewatering under way).
• Geophysics: DHEM (Q1 2026) supported by a deep vertical drill hole to be completed from the Mallay 4090 level to refine drill targeting Shafra and Mallay Deeps.
• Data integration: Continuing mapping/sampling and 3-D modelling to refine the Shafra framework and its relationship to Isguiz/Pierina.

Sampling, assays and QA/QC (quality assurance/quality control)

Sampling and custody

Samples were collected by Excellon personnel following documented procedures; chain of custody was maintained to Certimin Laboratories, Lima (accredited).

QA/QC (quality assurance/quality control)

Excellon inserts blanks, certified reference materials and duplicates are regular intervals; laboratory QA/QC is monitored and results are evaluated before disclosure.

Qualified person

Steven L. Park, MSc, CPG, an independent consulting geologist and a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information in this news release.

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.