Excalibur Metals Commences Property-Wide Exploration Program at Bellehelen

September 15th, 2026

VANCOUVER, BRITISH COLUMBIA, Excalibur Metals Corp. (TSXV:EXCL) (OTCQB:EXCBF) (“Excalibur” or the “Company”) is pleased to announce that field crews have commenced the Company’s previously announced exploration program (the “Program”) at its Bellehelen Silver-Gold Project (“Bellehelen” or the “Project”) in Nye County, Nevada.

 The Program is focused on advancing priority targets and evaluating the broader mineralized corridor across Bellehelen. Initial work includes:

• A ground gravity survey now underway at the Rangefront Target (“Rangefront”);

• Extensive geological and structural mapping across the multi-kilometre corridor between Rangefront and the Spyglass Ridge Target (“Spyglass Ridge”); and

• Systematic rock-chip sampling of prospective structures, alteration zones and historic workings throughout the corridor.

At Rangefront, located approximately eight kilometres northwest of Spyglass Ridge, previous soil sampling and CSAMT geophysics identified a large target that extends beneath shallow cover to the west. The gravity survey is intended to help the Company better define the geology and key structures beneath the cover and further refine targets for future drilling.

Field crews are also undertaking extensive mapping and rock-chip sampling across the largely underexplored area between Rangefront and Spyglass Ridge. This work is intended to identify prospective structures, alteration and mineralization that may connect or expand upon the Company’s existing targets and to develop additional targets for follow-up exploration and potential drilling.

“This program represents an important step at Bellehelen, which remains a largely untested, district-scale mineralized system,” commented John Gilbert, CEO of Excalibur. “We’re building on our success at Spyglass while continuing to evaluate the broader potential of the Project. There are very few large precious-metal systems in Nevada that have seen such limited modern exploration, particularly those controlled by a junior exploration company. We believe the scale and upside potential at Bellehelen are considerable.”

“The gravity survey will add another layer of information to our understanding of the concealed target at Rangefront, while extensive mapping and sampling between Rangefront and Spyglass Ridge will allow us to systematically evaluate a multi-kilometre area that has seen very limited previous exploration. Each phase of fieldwork continues to generate new priority targets and reinforce our view of Bellehelen’s potential.”

Results from the Program will be integrated with the Company’s existing geological, geochemical, geophysical and drilling datasets to refine and prioritize targets across Bellehelen ahead of future drilling.

Qualified Person‍ ‍

Matthew Dumala, P.Eng., a consultant of the Company, is a Qualified Person (“QP”) as defined by National Instrument 43-101.  Mr. Dumala has reviewed and approved the technical information disclosed in this news release.

About Bellehelen

Bellehelen encompasses a district-scale, 10-kilometre-long mineralized trend that historically produced an estimated 311,000 silver-equivalent ounces in the early 1900s1. Numerous historic workings are distributed along the entire length of this extensive corridor, highlighting a continuity of mineralization across multiple zones on the Property. Historical surface sampling returned high-grade assays of up to 11.25 g/t gold and 3,490 g/t silver1, confirming the presence of a fertile precious metal system. Broad soil anomalies, extensive vein networks and the results of the Company’s recent drilling and geophysical programs demonstrate the potential for both structurally controlled higher-grade mineralization and broader zones of disseminated mineralization.

About Excalibur Metals Corp.

Excalibur Metals Corp. is focused on exploring for precious metals within established mining areas in the Western United States. The Company has acquired the option to purchase 100% of the Bellehelen Project in Nye County, Central Nevada. The claims cover most of the historic Bellehelen Mining District, where gold and silver were initially discovered and mined in the early 1900s. Excalibur has assembled an exceptional team with considerable exploration, developing and permitting experience within North America. Excalibur is traded on the TSX Venture Exchange (TSXV) under the symbol “EXCL” and on the OTCQB Venture Market under the symbol “EXCBF”. For more information, visit www.excaliburmetals.com.

EXCALIBUR METALS CORP. 

On behalf of the Company
“John Gilbert”
CEO

For further information regarding this news release, please contact:

John Gilbert, CEO
Evelyn Cox
604-687-3376
info@excaliburmetals.com

Notes

1 Details about the historical production and results at Bellehelen can be found in the technical report titled “Bellehelen Property NI 43-101 Technical Report” authored by Heather Burrell, B.Sc., P.Geo. with an effective date of August 15, 2024 filed on SEDAR+ and referenced from Kleinhampl F.J. & J.I. Ziony. 1984a. Geology of Northern Nye County, NV. Nevada Bureau of Mines & Geology Bulletin 99A.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to the interpretation of exploration, sampling and drill results; the timing and scope of the planned Program; the interpretation of exploration results; the Project’s scale and upside potential; planned timeline for future drilling and exploration and expected drill targets; and the exploration and development of the Company’s mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to continue as a going concern and implement the Company’s operational plans, metal prices, the timing and amount of future exploration expenditures, the availability of labour, equipment and material, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to the Company not obtaining adequate financing to continue operations, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in commodity prices, risks related to current global financial conditions, risks related to current global financial conditions on the Company’s business, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of exploration activities, including the risk of accidents, labour disputes, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.