EXN.V · 2026-09-21 12:00:00

Excellon Drilling Confirms Grade and Width Below the 4090 Level at Mallay Silver Mine Wide mineralized zones outside the current resource highlight potential resource growth alongside planned mine development.

Mine Development & Operations Exploration Programs

Excellon Drilling Confirms Grade and Width

Below the 4090 Level at Mallay Silver Mine

Wide mineralized zones outside the current resource highlight

potential resource growth alongside planned mine

development.

Toronto, Ontario--(Newsfile Corp. - September 21, 2026) -

Excellon Resources Inc. (TSXV: EXN)

(OTCQB: EXNRF) (FSE: E4X2)

Excellon

" or the "

Company

") is pleased to report results from the

ongoing drill program at its 100%-owned Mallay Silver-Lead-Zinc Mine ("

Mallay

") in central Peru.

Results from the Isguiz vein confirm grade and width continuity below the 4090 Level, supporting

planning for deeper mine development. Drilling has also intersected wide zones of silver-lead-zinc

mineralization on both sides of Isguiz, outside the current Mineral Resource Estimate and immediately

adjacent to development already planned for the vein. Drill results reported herein cover 15 holes

totalling approximately 4,400 metres. The Company has drilled approximately 9,000 metres to-date and

has transitioned to drilling high-priority step-out targets for which assays are pending or which will be

reported separately.

Highlights:

Isguiz Vein - High-Grade Core, Grade and Width Continuity Below the 4090 Level (see Figures 1,

3, and 4)

Relevance for Near-Term Mine Planning:

Results will inform development, mine planning and

scheduling below the 4090 Level, where the Company is planning a transition to more productive,

mechanized mining. Rehabilitation of the 400 Ramp, the primary access to this area, is underway and

the Company expects to incorporate these results into an updated mine plan and schedule targeted for

year-end.

MLL26-010: 5.00 m @ 255 g/t Ag, 2.39% Zn and 3.02% Pb (398 g/t AgEq), including 3.40 m

@ 290 g/t Ag, 3.43% Zn and 4.33% Pb (495 g/t AgEq)

- highest-grade Isguiz intercept returned

to-date, confirming strong grade and width continuity in Clavo 6.

MLL26-004: 12.55 m @ 96 g/t Ag, 2.18% Zn, 0.65% Pb (178 g/t AgEq)

, including 4.00 m @

166 g/t Ag, 1.37% Zn, 1.20% Pb (236 g/t AgEq) - this intercept provides depth continuity below the

4090 Level.

MLL26-011:

2.3 m @ 248 g/t Ag, 0.86% Zn, 1.74% Pb (314 g/t AgEq)

- intersected in the Maria

vein, a structure in the footwall of the Isguiz vein, approximately 280 m below the 4090 Level, within

a broader 11.1 m interval grading 115 g/t AgEq - the deepest mineralization returned in the

program thus far.

MLL26-009: 4.00 m @ 138 g/t Ag, 3.80% Zn, 1.04% Pb (279 g/t AgEq)

- Isguiz vein intersected

approximately 140 m below 4090 Level, flanked by 5.45 m of footwall calc-silicate mineralization

(87 g/t AgEq) and 2.75 m of hangingwall mineralization grading 118 g/t Ag, 4.53% Zn, 3.33% Pb

(334 g/t AgEq).

MLL26-015:

4.30 m @ 137 g/t Ag, 5.22% Zn, 1.72% Pb (337 g/t AgEq)

, within a wider 11.7 m

interval grading 166 g/t AgEq. The hole also intersected 0.7 m of the Isguiz vein grading 76 g/t Ag,

7.06% Zn and 4.58% Pb (398 g/t AgEq).

Calc-Silicate System - A Wide Mineralized Zone Flanking Isguiz, and Outside the Current

Resource Estimate (see Figures 2 and 5) - Additional Mineralization Around Isguiz and in Other

Structures

Relevance for Near-Term Mine Resource Planning:

Drilling has identified silver-lead-zinc

mineralization flanking both sides of the Isguiz vein, in zones wider than Isguiz vein mineralization. This

material sits outside Mallay's current Mineral Resource Estimate and adjacent to development planned

over the next three years. The calc-silicate system will be assessed for inclusion in future updates to the

Mallay geological and resource models and, where grade and continuity permit, into future mine

planning. Calc-silicate zones, by association, are drilled with each hole targeting the Isguiz Vein

structure. Leading intercepts from this system, excluding the higher-grade Isguiz core, include:

MLL26-006: 11.4 m @ 69 g/t Ag, 5.43% Zn, 1.32% Pb (267 g/t AgEq)

- contiguous to Isguiz

Vein - the widest calc-silicate intercept returned to-date.

MLL26-005:

7.7 m @ 50 g/t Ag, 1.99% Zn, 0.78% Pb (129 g/t AgEq)

- including 0.75 m @ 184

g/t Ag, 5.78% Zn, 2.87% Pb (428 g/t AgEq), of calc-silicate mineralization, passing directly into

6.65 m of the Isguiz vein grading 97 g/t Ag, 2.97% Zn, 2.10% Pb (237 g/t AgEq) - over 14 m of

continuous mineralization.

The 15 holes reported in this release were drilled from two underground drill chambers on the 4090 level

and tested Clavos 3 and 6, the two mineralized shoots that are important for near-term mine planning.

The objective is to confirm mineralization grade and width ahead of development, and to test continuity

of the vein and contiguous mineralization below the current lowest operating level. A plan view of drill

hole locations and section lines is shown in Figures 3 and 5.

Shawn Howarth, President and Chief Executive Officer, commented:

"Our priority at Mallay is to

establish deeper access where we expect to transition toward more productive, mechanized mining.

These results support our planning for deeper development at Mallay by confirming grade and width

continuity below the 4090 Level. Just as importantly, we are intersecting additional silver-lead-zinc

mineralization outside our current resource and alongside development we already plan to undertake.

The opportunity is to expand the resource base around the areas we are already working to access, with

further drilling and evaluation determining its potential contribution to future mine plans."

Figure 1:

2026 Drill Program - Longitudinal Projection of the Isguiz Vein Showing 2026 Drill

Intercepts (Looking East).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_002full.jpg

Figure 2: Calc-Silicate (CCS) Alteration: Surrounding Isguiz Vein Mineralization (Looking East).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1601/315146_excfig209202026.jpg

Figure 3: Plan view of reported 2026 drill holes and underground workings, showing section

lines A-A′ and B-B′.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_005full.jpg

Figure 4: Section A-A′ showing selected drill intersections and the interpreted Isguiz, Maria

and Maricruz vein systems.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_006full.jpg

Figure 5: Section B-B′ showing Isguiz and adjacent Calc-silicate mineralization in holes

MLL26-004, MLL26-005 and MLL26-006.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_007full.jpg

Ongoing Exploration - Step-Out Drill Targets Defined, Drilling Underway

Drilling continues across four priority step-out targets over the next six months. The program is designed

to move sequentially outward from areas already drilled, into adjacent structures that have not been drill-

tested in the current program (see Figure 6). The area now being tested below the Isguiz vein extends

approximately 700 metres along strike and 400 metres down-dip and encompasses the down-plunge

projections of Clavos 2, 3, 6 and continues southward to Clavo 5. Step-out drilling also includes the Rosa

vein system, interpreted as a potential structural equivalent of Isguiz on the western limb of the Mallay

anticline.

Priority

Description

Estimated Drilling

Progress

Deep Drilling / Downhole

EM (DHEM)

Test for conductive mineralized structures approximately 600 metres

below the Mallay mine operation, using downhole electromagnetic

surveying to guide additional hole placement.

1,500 metres

Drilling underway.

Rosa Vein System

A parallel vein system hosted at the same formational contact as

Isguiz, located on the western limb of the Mallay anticline.

2,000 metres

Drilling underway.

Pierina and Periclinal

Test extensions to historically mined gold and silver vein systems to

the East and North of Isguiz.

2,500 metres

To start on completion of

DHEM drilling.

Isguiz Extensions to the

South

Additional clavos (mineralized shoots) along the Isguiz structure,

extending Isguiz vein system to the south.

2,000 metres

On completion of Rosa

Vein drilling.

Figure 6: Mallay priority step-out drill targets and existing underground infrastructure.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_008full.jpg

2026 Isguiz Drill Results

Table 1: Isguiz Drill Results, MLL26-001 to MLL26-015

Drill Hole

From (m)

To (m)

Interval

(m)

Lithology

Au (g/t)

Ag (g/t)

Pb (%)

Zn (%)

AgEq (g/t)

MLL26-

001

178.6

180.4

1.8

Isguiz

0.03

1.52

2.59

154

MLL26-

002

209.1

215.9

6.8

Isguiz

0.12

1.21

2.29

195

MLL26-

002

incl.

213.8

215.4

1.6

Isguiz

0.27

243

2.7

2.97

396

MLL26-

003

204

214.5

10.5

CCS Footwall

0.06

0.67

1.68

107

MLL26-

003

214.5

217.6

3.1

Isguiz

0.31

113

2.94

4.25

311

MLL26-

003

226.1

230

3.9

CCS Hangingwall

0.69

1.02

2.12

185

MLL26-

003

incl

228.1

229

0.9

CCS Hangingwall

2.58

232

1.59

3.36

372

MLL26-

004

201.2

213.8

12.55

Isguiz

0.46

0.65

2.18

178

MLL26-

004

incl

201.2

207.3

6.1

Isguiz

0.26

0.43

3.2

187

MLL26-

004

incl

207.3

211.3

Isguiz

0.97

166

1.2

1.37

236

MLL26-

005

178

181.9

3.85

Mineralized structure

0.11

0.15

0.23

MLL26-

005

181.9

189.6

7.7

CCS Footwall

0.08

0.78

1.99

129

MLL26-

005

incl

188.8

189.6

0.75

CCS Footwall

0.11

184

2.87

5.78

428

MLL26-

005

189.6

196.2

6.65

Isguiz

0.25

2.1

2.97

237

MLL26-

005

incl

191.6

195.6

Isguiz

0.39

139

2.74

3.47

309

MLL26-

006

32.2

33.5

1.3

Sandstone

0.11

169

3.03

1.04

270

MLL26-

006

38.4

39.3

0.85

Sandstone

0.16

436

6.98

0.13

600

MLL26-

006

180.8

182.7

1.9

Isguiz

0.04

0.14

2.61

104

MLL26-

006

182.7

194.1

11.4

CCS Hangingwall

0.18

1.32

5.43

267

MLL26-

007

180.3

182.3

2.05

Isguiz

0.12

0.46

0.89

112

MLL26-

007

188.5

192.4

3.85

CCS Hangingwall

0.41

0.64

2.83

186

MLL26-

007

192.4

204.4

CCS Hangingwall

0.15

0.83

2.71

157

MLL26-

007

incl.

201.7

204.4

2.65

CCS Hangingwall

0.14

2.35

4.48

275

MLL26-

008

163.3

165.7

2.4

CCS Footwall

0.31

0.75

1.6

140

MLL26-

008

192.7

194.3

1.6

Isguiz

0.03

0.51

1.32

MLL26-

009

189.4

194.2

4.8

Mineralized structure

0.25

0.42

0.57

MLL26-

009

incl.

192.5

194.2

1.7

Mineralized structure

0.57

0.87

1.19

132

MLL26-

009

274.9

280.3

5.45

CCS Footwall

0.17

0.52

0.97

MLL26-

009

280.3

284.3

Isguiz

0.43

138

1.04

3.8

279

MLL26-

009

284.3

287.1

2.75

Limestone

0.15

118

3.33

4.53

334

MLL26-

010

288.1

293.1

Isguiz + CCS contacts

0.44

255

3.02

2.39

398

MLL26-

010

incl

288.7

292.1

3.4

Isguiz

0.54

290

4.33

3.43

495

MLL26-

011

100.2

104.5

4.3

Sandstone

0.16

0.99

0.47

MLL26-

011

incl

103.5

104.5

Sandstone

0.63

1.91

0.05

137

MLL26-

011

219.5

220.35

0.85

Maricruz vein

0.25

111

2.61

2.95

262

Drill Hole

From (m)

To (m)

Interval

(m)

Lithology

Au (g/t)

Ag (g/t)

Pb (%)

Zn (%)

AgEq (g/t)

MLL26-

011

284.6

286.45

1.85

Sandstone

0.24

114

1.23

0.78

166

MLL26-

011

incl

284.6

285.6

Sandstone

0.38

197

2.19

1.29

287

MLL26-

011

288.3

293.3

Sandstone

0.06

0.22

0.08

102

MLL26-

011

incl

291.4

293.3

1.9

Sandstone

0.06

188

0.39

0.13

201

MLL26-

011

301.6

302.5

0.9

Sandstone

0.30

187

1.09

0.14

216

MLL26-

011

305.7

316.8

11.1

Sandstone + Maria vein

0.11

0.65

0.47

115

MLL26-

011

incl

307.65

309.95

2.3

Mineralized structure

0.86

248

1.74

0.86

314

MLL26-

011

incl

311.4

315.2

3.8

Sandstone

0.27

0.61

105

MLL26-

011

353.4

354.85

1.45

Sandstone

0.33

192

1.32

0.82

248

MLL26-

013

194.1

204.9

10.8

Sandstone + mineralized

structure + vein

0.42

0.67

1.43

136

MLL26-

013

incl

194.1

195.15

1.05

Mineralized structure

0.40

118

0.70

0.72

156

MLL26-

013

incl

196.65

200.35

3.7

Mineralized structure

0.59

0.96

3.29

213

MLL26-

013

incl

203

204.1

1.1

Vein

1.35

244

1.90

1.44

332

MLL26-

013

285.15

286.05

0.9

Sandstone / CCS Footwall

0.50

428

2.46

3.70

598

MLL26-

012

59.6

60.2

0.6

Sandstone

0.14

113

0.09

0.10

118

MLL26-

014

213.45

217.2

3.75

Mineralized structure + CCS

Footwall

0.03

1.19

1.76

148

MLL26-

014

incl

213.45

215.8

2.35

Mineralized structure + CCS

Footwall

0.02

1.73

2.56

217

MLL26-

014

235.5

242.1

6.6

Mineralized structure +

sandstone

0.05

0.18

0.23

MLL26-

014

incl

236.35

237.95

1.6

Mineralized structure

0.07

0.25

0.17

MLL26-

014

incl

240.5

242.1

1.6

Sandstone

0.05

0.35

0.62

MLL26-

014

254.95

259.7

4.75

Mineralized structure + Isguiz

0.18

1.09

1.51

141

MLL26-

014

incl

254.95

258.1

3.15

Mineralized structure

0.11

1.07

0.96

136

MLL26-

014

incl

258.1

259.7

1.6

Isguiz

0.22

1.13

2.58

151

MLL26-

015

182

184.7

2.7

Mineralized structure

0.02

0.81

5.08

203

MLL26-

015

211

222.7

11.7

Mineralized structure +

sandstone

0.19

0.85

2.66

166

MLL26-

015

incl

211

218.4

7.4

Sandstone

0.10

0.34

1.17

MLL26-

015

incl

218.4

222.7

4.3

Mineralized structure

0.35

137

1.72

5.22

337

MLL26-

015

241.65

243.2

1.55

Mineralized structure

0.34

105

0.82

0.98

154

MLL26-

015

274.2

274.9

0.7

Isguiz

0.06

4.58

7.06

398

Drill Hole

From (m)

To (m)

Interval

(m)

Lithology

Au (g/t)

Ag (g/t)

Pb (%)

Zn (%)

AgEq (g/t)

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