Mr. Shawn Howarth reports

EXCELLON ANNOUNCES CLOSING OF BOUGHT DEAL PRIVATE PLACEMENT AND CONCURRENT PRIVATE PLACEMENT FOR GROSS PROCEEDS OF APPROXIMATELY C$21.8 MILLION

Excellon Resources Inc. has closed its previously announced bought deal private placement, pursuant to which the company sold an aggregate of 28,036,000 common shares in the capital of the company at a price of 60 cents per offered share for aggregate gross proceeds to the company of $16,821,600, which includes the partial exercise of the underwriters' option.

The company also closed its previously announced concurrent brokered private placement, pursuant to which the company sold an additional 8,333,500 offered shares at the offering price to 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, for additional aggregate gross proceeds to the company of $5,000,100.

ATB Cormark Capital Markets and Velocity Capital Partners, as co-lead underwriters and joint bookrunners, together with Haywood Securities Inc., Independent Trading Group (ITG) Inc. and Red Cloud Securities Inc. acted as underwriters in connection with the offering pursuant to the terms of an underwriting agreement dated March 12, 2026. As consideration for their services, the company paid the underwriters a cash commission equal to 6.0 per cent of the gross proceeds of the offering, which was reduced to 3.0 per cent of the gross proceeds solely in respect of offered shares sold to certain purchasers on the president's list.

The aggregate gross proceeds from the offering were $21,821,700. The company intends to use the net proceeds from the offering for exploration and development of the company's projects in Peru, working capital and general corporate purposes, as is more fully described in the amended and restated 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 (LIFE) 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. The offered shares issued to purchasers resident in Canada pursuant to the LIFE are not subject to a four-month statutory hold period in Canada. The offered shares under the bought deal private placement were also offered in the United States by way of private placement pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in certain other jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws. The offered shares were issued to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503, Distributions Outside Canada, and, accordingly, the offered shares issued under the bought deal private placement to purchasers outside of Canada are not subject to a four-month statutory hold period in Canada.

The concurrent private placement was completed on a private placement basis pursuant to an available exemption from the prospectus requirements in Canada. The offered shares issued under the concurrent private placement are subject to a four-month statutory hold period in Canada pursuant to applicable Canadian securities laws, which will expire on July 13, 2026.

The offering is subject to final acceptance of the TSX Venture Exchange.

Mr. Sprott, a related party of the company, through 2176423 Ontario, a corporation that is beneficially owned by him, subscribed for 8,333,500 offered shares under the concurrent private placement. The participation of 2176423 Ontario in the concurrent private placement 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 concurrent private placement 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 concurrent private placement as the aforementioned insider participation had not been confirmed at that time and the company wished to close the concurrent private placement as expeditiously as possible.

There is an amended and restated offering document related to the bought deal private placement 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. Additional details on Excellon's properties can be found on the company's website.

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