Mr. Shawn Westcott reports

EXCELSIOR MINING ANNOUNCES RECEIPT OF PERMIT AMENDMENT FOR WELL STIMULATION AT THE GUNNISON COPPER MINE

The United States Environmental Protection Agency has issued an amendment to Excelsior Mining Corp.'s Class III underground injection control (UIC) area permit, which will allow for well stimulation to occur at the Gunnison copper project, located in Cochise county, southeastern Arizona.

Well stimulation has the potential to fundamentally change the performance of the well field, and eliminate or reduce the need for the raffinate neutralization plant. Excelsior intends to proceed to field trials in early H2 2023. Excelsior will submit the well stimulation work plans required by the permit and schedule the necessary contractors in the near term.

Well stimulation is primarily intended to inflate (open-up) the pre-existing mineralized fracture network in the well field to help gas bubbles escape. It can enlarge pre-existing channels and flow paths, increase pore space and make it possible for solution to move more readily from injection to recovery well. Doing so should improve connectivity between these wells, improve flow rates, sweep efficiency and copper production. Previously, Excelsior commissioned a leading engineering and environmental consulting firm to undertake well stimulation modelling on a selection of wells within the current well field. The model showed that well stimulation successfully inflated pre-existing fractures over significant volumes around the central well within the five-spot pattern.

The amended permit will be effective on May 26, 2023.

About Excelsior Mining Corp.

Excelsior is a mineral exploration and production company that owns and operates the Gunnison copper project in Cochise county, Arizona. The project is a low-cost, environmentally friendly in situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past-producing Johnson Camp mine and a portfolio of exploration projects, including the Peabody Sill, and the Strong and Harris deposits.

We seek Safe Harbor.