Excellon Resources Inc. · TSXV:EXN
Excellon Resources — Investor Presentation (September 2026)
35 slides from Excellon Resources's investor presentation, September 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION September 2026 TSXV : EXN | OTCQB : EXNRF | FRA : E4X2 TSXV:EXN | OTCQB:EXNRF | FRA:E4X2 EXCELLONRESOURCES.COM EXCELLONRESOURCES.COM
Slide 2: Excellon Approach – Outperform Expectations
EXCELLON APPROACH – OUTPERFORM EXPECTATIONS Mallay Mine (Peru) NEAR-TERM SILVER GROWTH IN WORLD CLASS MINING JURISDICTION PRE-COMMISSIONING / RAMP-UP Replacement-type mesothermal Ag-Pb-Zn NEXT EMERGING SILVER PRODUCER: Indicated: 12.0 Moz @ 420 g/t AgEq1 Inferred: 4.00 Moz @ 344 g/t AgEq1 Restart Un
Slide 3: Peru Assets: Gold Plated Infrastructure
PERU ASSETS “GOLD PLATED” INFRASTRUCTURE MALLAY CONCENTRATOR OPERATING DURING PRE-COMMISSIONING Underground haulage at the Mallay Silver Mine Mallay concentrator, flotation circuit Mallay plant and site infrastructure Underground development work TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCE
Slide 4: Excellon: From Restart to Discovery
EXCELLON: 18 TO 36 MONTH PLAN FROM RESTART TO DISCOVERY ISGUIZ VEIN SYSTEM ISGUIZ EXTENSION + FOOTWALL ZONE SHAFRA ZONE TRES CERROS TARGET: 4-5 TARGET: +10 YEARS TARGET: +10 MOZ AU / YEAR MINE LIFE* ADDITIONAL MINE LIFE +50 MOZ AG* NI 43-101 RESOURCE UPDATE Indicated: 12.01 Moz (890,000 tonnes NEA
Slide 5: Mallay Is Situated in a World Class Silver Belt
MINING IN PERU MALLAY IS SITUATED IN A WORLD CLASS SILVER BELT ▪ Peru: Top three global producer/exporter of silver and zinc with the world’s largest silver reserves. ▪ One of the lowest operating costs in the world, large pool of trained and qualified geologists, engineers and technicians. ▪ Open a
Slide 6: Mallay Mine Overview
MALLAY MINE OVERVIEW ESTABLISHED MINING REGION, Raura Mine ACCESS TO INFRASTRUCTURE Anamaray Minas Chanca ✓ FullyESTABLISHED SILVER-ZINC-LEAD permitted for mine restart PRODUCING REGION OF PERU * Uchucchacua ✓ 600 TPD process plant operational: US$115 million historical investment Mallay Mine Iscayc
Slide 7: Ramp-Up and Resource Growth Opportunities
MALLAY MINE SECTION RAMP-UP AND RESOURCE GROWTH OPPORTUNITIES PRIORITIES Longitudinal Section Looking East. RAMP-UP & ACCESS • Underground mining ongoing from small North stopes at the 4090 Level. • 400 Ramp rehabilitation underway. • Rehabilitation expected to provide access below the 4090 Level. •
Slide 8: Isguiz: Grade and Width Below the 4090 Level
MALLAY: 2026 DRILLING ISGUIZ: GRADE AND WIDTH BELOW THE 4090 LEVEL LONGITUDINAL SECTION LOOKING EAST PLAN VIEW OF REPORTED 2026 DRILL HOLES TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 8
Slide 9: Calc-Silicate Mineralization Outside the Resource
MALLAY: ADDITIONAL MINERALIZATION CALC-SILICATE MINERALIZATION OUTSIDE THE RESOURCE Section A-A′ showing selected drill intersections and Section B-B′ showing Isguiz and adjacent Calc- the interpreted Isguiz, Maria and Maricruz vein silicate mineralization in holes MLL26-004, MLL26- systems. 005 and
Slide 10: Mallay: Step-Out Drilling Underway
MALLAY: EXPLORATION PROGRAM MALLAY: STEP-OUT DRILLING UNDERWAY 8,000 m estimated over the next six months The program includes follow-on drilling into 2027. Estimated Priority Progress drilling Deep drilling / DHEM Approximately 600 m below the 1,500 m Underway Mallay operation Rosa vein system 2,00
Slide 11: Tres Cerros
TRES CERROS UNTESTED UPSIDE POTENTIAL TSXV:EXN | OTCQB:EXNRF | FRA:E4X2 EXCELLONRESOURCES.COM
Slide 12: Making of a Compelling Standalone Au-Ag Target
TRES CERROS: EXPLORATION UPSIDE MAKING OF A COMPELLING STANDALONE AU-AG TARGET Surface sampling and geochemical analysis completed across a 2.5 km x 0.5 km north-south trending mineralized corridor. HIGHLIGHTS* 10 Km N-S HIGH GOLD (AU) VALUES corridor ~19% of the samples returned values exceeding 1
Slide 13: Seven Exploration Targets Identified
TRES CERROS: EXPLORATION UPSIDE SEVEN EXPLORATION TARGETS IDENTIFIED •Seven gold and silver targets identified across approximately 40% of the licence area. •Xica grab samples returned up to 14 g/t gold and 9,050 g/t silver.1 •Mapping and sampling continue across the remaining prospective ground. •S
Slide 14: Tres Cerros: Multi-Million Ounce Potential
TRES CERROS: ANALOG MULTI-MILLION OUNCE POTENTIAL LAGUNAS NORTE* TRES CERROS** PRODUCED +10 MOZ AU, 2005 TO 2019 UNDRILLED, UNTESTED POTENTIAL SOLD FOR +300M to BOROO RESTARTED: PFS SUPPORTS ~140 KOZ AuEQ/YR OVER 12-YR MINE LIFE HOST ROCKS Chimu Sandstone in contact with Calipuy volcanics Chimu Sand
Slide 15: Multiple Drill-Ready Targets
TRES CERROS: TARGETS MULTIPLE DRILL-READY TARGETS TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 16
Slide 16: Tres Cerros: Panorama
TRES CERROS: PANORAMA CALDERA BOUNDARY FAULT STRUCTURE VOLCANICS SEDIMENTS TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 17
Slide 17: Value Proposition
VALUE PROPOSITION TSXV:EXN | OTCQB:EXNRF | FRA:E4X2 EXCELLONRESOURCES.COM
Slide 18: Corporate Structure
CORPORATE STRUCTURE CAPITAL OWNERSHIP STRUCTURE SHARES August 31, 2026 (MILLIONS) Shares Outstanding 440.8 C$0.48 TSXV:EXN Fully Diluted1 498.6 Market Cap2 C$209 19% Available Liquidity Mgmt., Board & 52% Insiders (16%) Cash On Hand3 US$10.6 13% Eric Sprott (13%) Glencore Facility (Undrawn)4 US$5.0
Slide 19: Excellon: An Emerging Silver Producer
PEER POSITIONING EXCELLON: AN EMERGING SILVER PRODUCER First concentrate production achieved at Mallay, significant exploration and growth potential SELECTED SILVER PRODUCERS & RESTART COMPANIES Market capitalization, August 31, 2026 (C$) WHY EXCELLON 3.0B 2.53B 2.5B 1.87B RESTART ALREADY UNDERWAY 2
Slide 20: Catalyst Rich Environment
WORK TIMELINE CATALYST RICH ENVIRONMENT Rehabilitation of the 400 Ramp Mallay Acquisition Underground NI 43-101 Pre-Commissioning Update, MALLAY MINE Closed Reopened Resource Mine Development Progress Concentrates to Glencore UNDERGROUND DRILLING NEAR MINE EXPLORATION RESOURCE EXPANSION / NEW TARGET
Slide 21: Excellon Leadership: Execution Capabilities
EXCELLON LEADERSHIP EXECUTION CAPABILITIES EXECUTIVE MANAGEMENT DIRECTORS SHAWN HOWARTH, PRESIDENT AND CEO LAURIE CURTIS, CHAIRMAN +22 years in mining across project evaluation, corporate +40 years experience in mining and capital markets; founder of Intrepid finance, stakeholder relations and strat
Slide 22: Appendix
APPENDIX TSXV : EXN | OTCQB : EXNRF | FRA : E4X2 EXCELLONRESOURCES.COM
Slide 23: Mallay Mine: NI 43-101 Mineral Resource Estimate
MALLAY MINE: NI 43-101 MINERAL RESOURCE ESTIMATE ANNOUNCED FEBRUARY 23, 2026 Input parameters to MRE: ✓ High confidence underpinning MRE: 166,420 m drilling, 22,740 m Parameter Value Unit channel samples. Silver Price $30.00 US$ per ounce Zinc Price $1.35 US$ per pound Lead Price $1.00 US$ per pound
Slide 24: Footwall Zone: New Mineralized Zone Distinct from Isguiz
UPSIDE: NEAR-MINE MINERALIZATION EXTENSION FOOTWALL ZONE: NEW MINERALIZED ZONE DISTINCT FROM ISGUIZ HISTORICAL DRILLING OF THE FOOTWALL MINERALIZED ZONE* Isguiz HOLE FROM TO LENGTH SILVER LEAD ZINC Vein (ID) (m) (m) (m) (g/t) (%) (%) Shoot 114. Clavo 3 ISG-08-05 104.7 9.3 88.32 1.45 2.47 0 Clavo 3 I
Slide 25: Defining a Gold-Rich, Bulk Tonnage Target
UPSIDE: SHAFRA ZONE DEFINING A GOLD-RICH, BULK TONNAGE TARGET LOOKING Shafra Zone NORTHWEST Isguiz North Notes: Selective surface samples referenced herein are not necessarily representative of mineralization across the Shafra Zone. Historical results generated by Buenaventura during 2014 to 2018; n
Slide 26: High Grade Potential Along 2.5 km Corridor
TRES CERROS: BULK TONNAGE STANDALONE TARGET HIGH GRADE POTENTIAL ALONG 2.5 KM CORRIDOR 290,000-E 291,000-E Selected samples averaging > 1 g/t Au & 1 oz/t Ag N SAMPLE NUMBER GOLD SILVER SILVER NORTH SECTOR ON MAP (G/T) (G/T) (OZ/T) SECTOR 10 10 1.45 1227.00 39.46 12 8'820,000-N 14 12 3.23 72.30 2.32
Slide 27: A Turn Key Asset Ready for Restart
PAST PRODUCING MALLAY MINE A “TURN KEY” ASSET READY FOR RESTART HISTORIC SILVER PRODUCTION* (000 OZ) 000 oz Ag 2,20 1,964 1,954 2,078 000 oz AgEq 1,755 1,627 1,70 1,431 1,280 1,220 1,284 1,109 1,025 Total: 7.7 1,20 799 683 m oz Ag 70 0 514 11.0 m oz AgEq 20 0 -300 2012 2013 2014 2015 2016 2017 2018
Slide 28: Resource Mineralization by Category
MALLAY MINE SECTION RESOURCE MINERALIZATION BY CATEGORY REHABILITATED ACCESS TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 29
Slide 29: Tres Cerros: Deep Sulphide Potential
TRES CERROS: DEEP SULPHIDE POTENTIAL CAJATAMBO NORTH SECTOR PROVINCE NORTH Folded quartzites with crackle breccias and E-W veinlets 0.15-0.8m in width; grading 0.21- SECTOR 7.69 g/t Au; 0.91-39.46 oz/t Ag; also anomalous in Sb (156-10,000 ppm), Pb (0.54-1.0 % Pb); Hg (0-73 ppm); and Ba (100-1,790 pp
Slide 30: Three Parallel Systems to Explore
MALLAY REGIONAL EXPLORATION THREE PARALLEL SYSTEMS TO EXPLORE Longitudinal Section Looking Northwest. B WEST (3 KM) MALLAY MINE EAST (3 KM) B’ Teresa, Alicia Veins Isguiz, Jasmin, Nicole Veins San Sebastian Vein SW Surface Sampling* Surface Sampling* Surface Sampling* msnm 0.20 m @ 14.66 oz/t Ag, 0.
Slide 31: Technical Disclosures
TECHNICAL DISCLOSURES Mallay Mine Property Mineral Resource Estimate Notes (1) The effective date of the Mallay Mine project Mineral Resource Estimate (“MRE”) is February 18, 2026. (2) The mineral resource was estimated by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services and is an independen
Slide 32: Technical Disclosures: Kilgore Project
TECHNICAL DISCLOSURES KILGORE PROJECT • Gold resources are reported above a 0.21 g/T Au (0.006 opt) cut-off. • Mineral resources reported are constrained within an optimized pit shell. Pit shell input parameters: Gold price $1,300, Sell ing price $2.20/oz, Recovery 80%, Mining cost $2/ton, Process c
Slide 33: Forward Looking Statements
CAUTIONARY STATEMENTS FORWARD LOOKING STATEMENTS All statements, other than statements of historical fact, contained or incorporated by reference in or made in giving this presentation and responses to questions, including any information as to the future performance of the Company or its projects,
Slide 34: Other Cautionary Statements
OTHER CAUTIONARY STATEMENTS MINERAL RESOURCES Until mineral deposits are actually mined and processed, mineral resources and mineral reserves must be considered as estimates only. Mineral resource estimates that are not classified as mineral reserves do not have demonstrated economic viability. The
Slide 35: Stay Connected
STAY CONNECTED LinkedIn X excellonresources.com info@excellonresources.com Excellon Resources Inc. @EXN_Resources TSXV: EXN OTCQB: EXNRF FRA: E4X2
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