Excellon Resources Inc. · TSXV:EXN
Excellon Resources — Investor Presentation (November 2026)
40 slides from Excellon Resources's investor presentation, November 2026
Slide 1: Corporate Presentation November 2026
CORPORATE PRESENTATION November 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: Excellon: 18 to 36 Month Plan – From Restart to Discovery
EXCELLON: 18 TO 36 MONTH PLAN FROM RESTART TO DISCOVERY ISGUIZ VEIN SYSTEM ISGUIZ EXTENSION + FOOTWALL ZONE TRES CERROS SHAFRA ZONE TARGET: 4–5 TARGET: +10 YEARS TARGET: +10 MOZ AU / YEAR MINE LIFE* ADDITIONAL MINE LIFE* +50 MOZ AG* ACHIEVED TO DATE ACHIEVED TO DATE TRES CERROS “MOONSHOT” 12.01 Mo
Slide 4: Mallay Is Situated in a World Class Silver Belt
MINING IN PERU MALLAY IS SITUATED IN A WORLD CLASS SILVER BELT ▪ Peru: World’s second-largest silver and zinc mine producer, with the largest silver reserves. ▪ One of the lowest operating costs in the world, large pool of trained and qualified geologists, engineers and technicians. ▪ Open and stabl
Slide 5: Mallay Mine Overview
MALLAY MINE OVERVIEW ESTABLISHED MINING REGION, Raura Mine¹ Anamaray ACCESS TO INFRASTRUCTURE Yumpag Minas Chanca² ✓ 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
Slide 6: 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 7: 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 7
Slide 8: 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 9: 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 10: 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 TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 10
Slide 11: Tres Cerros
TRES CERROS UNTESTED UPSIDE POTENTIAL View across the Diatreme–Chimu contact at Tres Cerros TSXV:EXN | OTCQB:EXNRF | FRA:E4X2 EXCELLONRESOURCES.COM Field access at Tres Cerros Tres Cerros Outcropping
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: Tres Cerros: Surface Geology and Au
TRES CERROS: GEOLOGY SURFACE GEOLOGY AND AU ▪ North-south fault with volcanics to the west and older Farrat Fm (meta-arenite sediments) to the east ▪ Caldera to the west ▪ Diatreme along fault in central area ▪ Au anomalism in sediments along fault Surface geology and Au TSXV: EXN | OTCQB: EXNRF | F
Slide 14: Tres Cerros: Panorama
TRES CERROS: PANORAMA CALDERA BOUNDARY FAULT STRUCTURE VOLCANICS SEDIMENTS TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 14
Slide 15: Tres Cerros: Clay Alteration and Au
TRES CERROS: GEOLOGY CLAY ALTERATION AND AU ▪ Linear north-south alteration corridor. ▪ The northern section is interpreted as an outer pyrophyllite alteration shell of a porphyry. ▪ Absence of high sulfidation epithermal mineralisation may be due to tectonic uplift and erosion on the western side o
Slide 16: 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 ▪ Shared access and infrastructure with the Mallay mine. ▪ Mapping and s
Slide 17: Tres Cerros Analog: 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 18: Tres Cerros: Multiple Drill-Ready Targets
TRES CERROS: TARGETS MULTIPLE DRILL-READY TARGETS TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 18
Slide 19: Value Proposition
VALUE PROPOSITION TSXV:EXN | OTCQB:EXNRF | FRA:E4X2 EXCELLONRESOURCES.COM
Slide 20: Corporate Structure and Capital Structure
CORPORATE STRUCTURE CAPITAL OWNERSHIP STRUCTURE SHARES November 2, 2026 (MILLIONS) Shares Outstanding1 440.8 C$0.26 TSXV:EXN Fully Diluted2 498.6 Market Cap3 C$112 19% Cash and Credit Facility Mgmt., Board & 52% Insiders (16%) Cash On Hand4 US$5.0 13% Eric Sprott (13%) Glencore Credit Facility5 US$5
Slide 21: Excellon: An Emerging Silver Producer
PEER POSITIONING EXCELLON: AN EMERGING SILVER PRODUCER First concentrate production and revenues achieved at Mallay, significant exploration and growth potential SELECTED SILVER PRODUCERS & RESTART COMPANIES Market capitalization, November 2, 2026 (C$) WHY EXCELLON 2.0B 1.5B 1.35B 1.44B RESTART ALRE
Slide 22: Catalyst Rich Environment
WORK TIMELINE CATALYST RICH ENVIRONMENT Underground Pre-Commissioning Update, Mine Updated Resource & Clavo 6 Online, Mill Reopened Development Progress Mine Plan at 600 TPD MALLAY MINE Mallay Acquisition NI 43-101 First Concentrate 400 Ramp Rehab Closed Resource Sales to Glencore Complete UNDERGROU
Slide 23: 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 24: Appendix
APPENDIX TSXV : EXN | OTCQB : EXNRF | FRA : E4X2 EXCELLONRESOURCES.COM
Slide 25: Past Producing Mallay Mine – A Turn Key Asset
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: 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 27: Resource Mineralization by Category
MALLAY MINE SECTION RESOURCE MINERALIZATION BY CATEGORY REHABILITATED ACCESS TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 27
Slide 28: 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 29: 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 30: 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 31: 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 32: Clear Zoning of Geochemistry
TRES CERROS: BULK TONNAGE STANDALONE TARGET CLEAR ZONING OF GEOCHEMISTRY North → It is clear that the ‘hotter elements’ are associated with the chargeability high, whilst the ‘cooler elements’ are more distal to the north. TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 32
Slide 33: 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 34: Tres Cerros: Spectral Analysis
TRES CERROS: SPECTRAL ANALYSIS ADVANCED-ARGILLIC ALTERATION Red = alunite Purple = alunite + kaolinite Pink = kaolinite Orange = pyrophyllite Yellow = illite Green = sericite TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 34
Slide 35: Tres Cerros: Terra Resources Model
TRES CERROS: TERRA RESOURCES MODEL TRES CERROS DRILL TARGETS DATA MODEL BY TERRA RESOURCES Barry Bourne, ex. Barrick geologist / Lagunas Norte RESISTIVITY MODEL CHARGEABILITY MODEL TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 35
Slide 36: Technical Disclosures: Mallay Mineral Resource Estimate Notes
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 37: 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 38: 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 39: 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 40: Stay Connected
STAY CONNECTED LinkedIn X excellonresources.com info@excellonresources.com Excellon Resources Inc. @EXN_Resources TSXV: EXN | OTCQB: EXNRF | FRA: E4X2 EXCELLONRESOURCES.COM 40
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