Mr. Roland Goodgame reports

EXCELSIOR MINING ANNOUNCES ASSAY RESULTS FROM JCM STAGE 1 DRILLING WITH NUTON, A RIO TINTO VENTURE

Excelsior Mining Corp. has released assay results at the Johnson Camp mine (JCM) from the stage 1 drilling with Nuton LLC, a Rio Tinto venture. The program consists of drilling approximately 6,000 feet of PQ core, primarily for the purposes of further metallurgical evaluation. The samples from the drill program will be processed for mineralogy and tested using the Nuton process. The program is being financed by Nuton and carried out by Excelsior in connection with the previously announced option to JV (joint venture) agreement.

"We are very happy with the results of the stage 1, phase 2 drilling with all holes finishing in mineralization and intersecting over 200 feet (true thickness) of good grades, with all lower intersections averaging over 0.55 per cent total copper (highlighted below). The results are sufficient to warrant some additional drilling to the south, which will commence this month. Mineralogical and metallurgical testing has also commenced," comments Roland Goodgame, senior vice-president of business development.

All 13 planned holes have been drilled using diamond drill rigs to generate PQ-sized core and assays have been returned for all holes. The stage 1 program is divided into two phases. Phase 2 holes (designated PH2) were drilled above the mineralization from the east side of the Burro pit. These holes were designed to test the extent of the mineralization and provide further representative metallurgical samples. Assay results are included in the table entitled "Assay results." Stage 1, phase 1 drilling results were previously announced on Sept. 14, 2023.

All samples are prepared from manually split or sawn PQ core sections on site in Arizona. Split drill core samples are then sent to Skyline Assayers & Laboratories, an independent laboratory in Tucson, Ariz., for total copper and sequential copper analyses. Standards, blanks and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of a continuing quality assurance/quality control program. Pulps and sample rejects are stored by Excelsior for future reference.

About the Johnson Camp mine

The Johnson Camp mine has historically been an open-pit, heap-leach operation since Cyprus Minerals opened the property in the 1970s. The operation includes two open pits, a two-stage crushing-agglomerating circuit, a fully functioning SX-EW (solvent extraction-electrowinning) plant capable of producing 25 million pounds of cathode copper per year, a complete set of PLS (pregnant leach solution) and raffinate ponds, and full infrastructure (ancillary facilities, access, power, water and communications).

An updated preliminary economic assessment (PEA) incorporating conventional sulphide leaching (not Nuton) technology was announced Feb. 22, 2023. Mining of JCM would be by traditional open pit. The highlights of the PEA financial model, using a copper price of $3.75/lb, shows an after-tax NPV (net present value) of $180-million (U.S.) (7.5-per-cent discount rate) and an after-tax IRR (internal rate of return) of 30.4 per cent. The results are shown in the associated table.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Qualified person

Excelsior's exploration work on the Johnson Camp mine is supervised by Stephen Twyerould, fellow of AUSIMM (Australasian Institute of Mining and Metallurgy), president and chief executive officer of Excelsior, and a qualified person as defined by National Instrument 43-101. Mr. Twyerould has reviewed and is responsible for the technical information contained in this news release. Mr. Twyerould has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Twyerould has verified that the results were accurate from the official assay certificates provided to Excelsior.

About Excelsior Mining Corp.

Excelsior, the copper solution company, 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.

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