Excellon Resources Inc. · TSXV:EXN
Excellon Resources — Investor Presentation (April 2026)
32 slides from Excellon Resources's investor presentation, April 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION April 2026 TSXV : EXN | OTC : EXNRF | FRA : E4X2 TSXV:EXN | FRA:E4X2 EXCELLONRESOURCES.COM EXCELLONRESOURCES.COM
Slide 2: Excellon Approach – Outperform Expectations
EXCELLON APPRAOCH – OUTPERFORM EXPECTATIONS Mallay Mine (Peru) NEAR-TERM SILVER GROWTH IN WORLD CLASS MINING JURISDICTION NEAR-TERM RESTART Replacement-type mesothermal Ag-Pb-Zn NEXT EMERGING SILVER PRODUCER: Indicated: 12.0 M oz @ 420 g/t AgEq1 Inferred: 4.00 M oz @ 344 g/t AgEq1 Restart Underway,
Slide 3: Peru Assets: Gold Plated Infrastructure, Ready for Restart
PERU ASSETS “GOLD PLATED” INFRASTRUCTURE, READY FOR RESTART TSXV: EXN | OTC: EXNRF EXCELLONRESOURCES.COM 3
Slide 4: 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: Restart and Resource Growth Opportunities
MALLAY MINE SECTION RESTART AND RESOURCE GROWTH OPPORTUNITIES PRIORITIES Longitudinal Section Looking East. RESTART READINESS • Reopen Underground: Rehab existing working areas. • Upgrade Historical North Reserves* to NI 43-101. • Restart – accessible mineralization, de- watering NOT an issue VALUE
Slide 8: Drill Program Extending Isguiz Mineralized Boundary
NEAR-MINE MINERALIZATION EXTENSION DRILL PROGRAM EXTENDING ISGUIZ MINERALIZED BOUNDARY CLAVOS 6 2 3 Deeper drilling to test continuity TSXV: EXN | OTC: EXNRF EXCELLONRESOURCES.COM 8
Slide 9: Near-Mine Value Opportunities
NEAR-MINE VALUE OPPORTUNITIES 1 MALLAY RESTART ISGUIZ VEIN EXTENSION SHAFRA ZONE FOOTWALL ZONE MINERALIZATION 2 3 2 PIERINA VEIN EXTENSION 1 NEAR-MINE GOLD-RICH TARGET Pierina 3 Vein SHAFRA ZONE WIDER ZONES / BULK TONNAGE TARGET 9 TSXV: EXN | OTC: EXNRF
Slide 10: Tres Cerros
TRES CERROS UNTESTED UPSIDE POTENTIAL TSXV:EXN | OTC:EXNRF | FRA:E4X2 EXCELLONRESOURCES.COM
Slide 11: 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 12: Tres Cerros Analog: Multi-Million Ounce Potential
TRES CERROS: ANALOG MULTI-MILLION OUNCE POTENTIAL LAGUNAS NORTE* TRES CERROS** UNDRILLED, UNTESTED PRODUCED +10 MILLION OZ AU, 2005 TO 2019 POTENTIAL CONTINUED PRODUCING, AFTER BEING SOLD FOR +$300M HOST ROCKS Chimu Sandstone in contact with Calipuy volcanics Chimu Sandstone in contact with Calipuy
Slide 13: Tres Cerros Targets: Multiple Drill-Ready Targets
TRES CERROS: TARGETS MULTIPLE DRILL-READY TARGETS TSX: EXN.V EXCELLONRESOURCES.COM 13
Slide 14: Tres Cerros: Panorama
TRES CERROS: PANORAMA CALDERA BOUNDARY FAULT STRUCTURE VOLCANICS SEDIMENTS TSXV: EXN | OTC: EXNRF EXCELLONRESOURCES.COM 14
Slide 15: Value Proposition
VALUE PROPOSITION TSXV:EXN | OTC:EXNRF | FRA:E4X2 EXCELLONRESOURCES.COM
Slide 16: Corporate Structure and Capital Structure
CORPORATE STRUCTURE CAPITAL EXCELLON STOCK CHART AND March 12, 2026: STRUCTURE CORPORATE ACTIVITY Closed C$21.8M, C$0.60 share offering SHARES (MILLIONS) March 27, 2026 Feb 23, 2026: MRE announced Shares Outstanding 382 C$0.40 Feb 5, 2026: 1 TSXV:EXN Excellon restarts Fully Diluted 494 mining activi
Slide 17: Peer Positioning @ Excellon
PEER POSITIONING @EXCELLON EER POSITIONING OBAL SILVER PRODUCER: All amounts in CAD. As of Mar. 27, 2026 2.61B 2.46B 1.39B Expansion: Mallay Es Exploration: Tres Cerros 341M 393M M 153M 234M 339M Transaction: : le 2 zs = — || | | Silver City Impact Excellon Silver _ Silver Sierra Madre Guanajuato Av
Slide 18: Catalyst Rich Environment
WORK TIMELINE CATALYST RICH ENVIRONMENT Mallay Acquisition Underground NI 43-101 Run-Rate 600 MALLAY MINE Closed Reopened Resource TPD Production UNDERGROUND DRILLING NEAR MINE EXPLORATION RESOURCE EXPANSION / NEW TARGET DEVELOPMENT Q2 2025 Q4 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 TRES
Slide 19: Excellon Leadership: Execution Capabilities
EXCELLON LEADERSHIP EXECUTION CAPABILITIES EXECUTIVE MANAGEMENT DIRECTORS LAURIE CURTIS, CHAIRMAN SHAWN HOWARTH, PRESIDENT AND CEO +40 years experience in mining,; founded Intrepid Minerals and led +20 years experience global mining finance and strategy. it through discovery and production phases to
Slide 20: Appendix
APPENDIX TSXV : EXN | OTC : EXNRF | FRA : E4X2 EXCELLONRESOURCES.COM
Slide 21: 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 22: 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 23: Upside: Shafra Zone
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 24: Tres Cerros: Bulk Tonnage Standalone Target
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 25: 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 26: Resource Mineralization by Category
MALLAY MINE SECTION RESOURCE MINERALIZATION BY CATEGORY REHABILITATED ACCESS TSXV: EXN | OTC: EXNRF EXCELLONRESOURCES.COM 26
Slide 27: Tres Cerros: Deep Sulphide Potential
TRES CERROS: DEEP SULPHIDE POTENTION 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 28: Mallay Regional Exploration: Three Parallel Systems
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 29: 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 30: 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 31: 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 32: 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
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