Slide 1: Corporate Presentation
CORPORATE PRESENTATION August 2025 TSXV:EXN | FRA:E4X2 www.excellonresources.com
Slide 2: Positioned for Growth – From Restart to Discovery
POSITIONED FOR GROWTH – FROM RESTART TO DISCOVERY ISGUIZ VEIN SYSTEM ISGUIZ VEIN EXTENSION SHAFRA ZONE TRES CERROS Target: 4-5 year mine life* Target: +10 years Target: +10 Moz Au / additional mine life +50 Moz Ag* MALLAY RESTART (ONGOING) NEAR-MINE EXTENSION (Q1/26) TRES CERROS “MOONSHOT” Fully per
Slide 3: Mining in Peru: Mallay Is Situated in a World Class Silver Belt
MINING IN PERU MALLAY IS SITUATED IN A WORLD CLASS SILVER BELT ▪ Peru: Top-3 in the world’s exports of silver and zinc and the largest, by silver reserves. Global Silver Production Global Zinc Production Global Silver Reserves (2023E, Moz) (2023E, Tonnes) (2023E, 000 Tonnes) 110 94 205 4,000 72 109
Slide 4: Mallay Mine Overview
MALLAY MINE OVERVIEW ESTABLISHED SILVER-ZINC-LEAD PRODUCING REGION OF PERU ✓Fully permitted for mine restart. Raura Mine ✓600 TPD process plant operational: US$115 Anamaray Minas Chanca million historical investment. * Uchucchacua ✓Communities: Agreements with surrounding Mallay Mine communities in
Slide 5: Mallay Site Infrastructure
MALLAY SITE INFRASTRUCTURE “GOLD PLATED” FACILITIES, READY FOR RESTART SITE OVERVIEW MILL AND CONVEYANCE PEMITTED TAILINGS WATER TREATMENT PLANT FLOTATION CELLS BALL MILL 5 TSXV: EXN
Slide 6: Mine Rehabilitation Underway – Target Completion by October
MINE REHABILITATION UNDERWAY – TARGET COMPLETION BY OCTOBER ACCESS TO 4090 & 4150 LEVELS – OPENS UP THE MINE Stockpile A Shafra Zone Access to 4150 level rehabilitation underway, includes cleanup 4090 level access rehabilitation progress. underground. Process Plant Level 4150 Rehab 4150 4090 A’ Leve
Slide 7: Mallay Mine Section: Restart and Resource Growth Opportunities
MALLAY MINE SECTION RESTART AND RESOURCE GROWTH OPPORTUNITIES Longitudinal Section Looking East. PRIORITIES Restart Readiness: Reopen Underground: North Rehab existing working areas. Upgrade Historical Reserves* to NI 43-101. Restart – accessible mineralization, de-watering NOT an issue MINE RESTART
Slide 8: Near-Mine Mineralization Extension
NEAR-MINE MINERALIZATION EXTENSION EXTENDING MINERALIZATION AT DEPTH POTENTIAL TO ADD 3+ YEARS OF MINE-LIFE Drilling data based on Buenaventura historical information and not NI 43-101 compliant 8 TSXV: EXN
Slide 9: Shafra Zone: Unlocking a New Gold Target
SHAFRA ZONE UNLOCKING A NEW GOLD TARGET ▪ Gold grades 2 to 5 g/t Au in veins Shafra Zone ▪ Historically vein widths small ▪ Multiple veins ▪ Opportunity: ▪ Rethink of existing vein system ▪ Target broader mineralized zones ▪ Work underway to reassess existing drill core 9 TSXV: EXN
Slide 10: Shafra Zone – Pierina Vein Drilling
SHAFRA ZONE – PIERINA VEIN DRILLING GOLD VALUES INCREASING, DISSEMINATED SULPHIDE IN WIDE HYDROTHERMAL ZONES – NOT ASSAYED Selected Historical Assays – Pierina Vein* N° DDH Width (m) g/t Au oz/t Ag % Pb % Zn oz/t Ag Eq. CJM08-15 0.90 0.86 4.13 2.77 4.58 13.69 CJM09-01 0.75 3.90 8.72 3.66 2.48 16.62
Slide 11: Tres Cerros: Untested Upside Potential
TRES CERROS: UNTESTED UPSIDE POTENTIAL
Slide 12: Exploration Upside: Tres Cerros
EXPLORATION UPSIDE: TRES CERROS MAKINGS OF A COMPELING 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*: ▪ High Gold (Au) Values: ~19% of the samples returned values exceeding 1 g/t, indicating
Slide 13: Tres Cerros – Conceptual Model
TRES CERROS – CONCEPTUAL MODEL 13 TSXV: EXN
Slide 14: 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 on Gold Silver Silver Sector Map (g/t) (g/t) (oz/t) NORTH 10 1.45 1227.00 39.46 10 SECTOR 12 8'820,000-N 12 3.23 72.30 2.32 14
Slide 15: Tres Cerros – Deep Sulphide Potential
TRES CERROS – DEEP SULPHIDE POTENTIAL North Sector • Folded quartzites with crackle breccias and E-W veinlets 0.15-0.8m in width; grading 0.21-7.69 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 ppm). CAJATAMBO PROVINCE NORTH •
Slide 16: Tres Cerros Analog: Multi-Million Ounce Potential
TRES CERROS ANALOG MULTI-MILLION OUNCE POTENTIAL Lagunas Norte* Tres Cerros** PRODUCED +10 MILLION OZ AU, 2005 TO 2019 UNDRILLED, UNTESTED POTENTIAL CONTINUED PRODUCING, AFTER BEING SOLD FOR +$300M Chimu Sandstone in contact with Calipuy Chimu Sandstone in contact with Calipuy Host Rocks volcanics
Slide 17: Tres Cerros Panorama
TRES CERROS PANORAMA CALDERA BOUNDARY FAULT STRUCTURE VOLCANICS SEDIMENTS 17 TSXV: EXN
Slide 18: Capital Structure and Value Catalysts
CAPITAL STRUCTURE AND VALUE CATALYSTS
Slide 19: Capital Structure – Post Financing
CAPITAL STRUCTURE – POST FINANCING Shares Implied (Millions) Ownership July 21, 2025: Insiders 44.6 20.1% Contractor mobilized to site Eric Sprott 21.0 9.5% July 3, 2025: Current Market Capitalization: C$61 million (basic S/O) Appointment of Mike Basic Shares Outstanding 221.5 Share Price: C$0.255 H
Slide 20: Work Timeline: Catalyst Rich Environment
WORK TIMELINE CATALYST RICH ENVIRONMENT NI 43-101 Underground Run-Rate 600 TPD MALLAY MINE Acquisition Close Resource Reopened Production UNDERGROUND DRILLING NEAR MINE EXPLORATION RESOURCE EXPANSION / NEW TARGET DEVELOPMENT Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 TRES CERROS NI 43-1
Slide 21: Excellon Portfolio – Deep Value
EXCELLON PORTFOLIO – DEEP VALUE UNIQUE POSITIONING: FOUR ASSETS, NEAR-TERM SILVER PRODUCTION Mallay Mine (Peru) Tres Cerros (Peru) NEAR-TERM RESTART EXPLORATION Replacement-type mesothermal Large-scale, classic high Ag-Pb-Zn sulphidation gold target Production: ~1.6 m oz Ag, 2-2.5 m oz AgEq* Drill t
Slide 22: Thank You
THANK YOU Q@EXCELLON
Slide 23: Mallay Overview
MALLAY OVERVIEW
Slide 24: Past Producing Mallay Mine
PAST PRODUCING MALLAY MINE A “TURN-KEY” ASSET READY FOR RESTART Historic Silver Production* (000 oz) 000 oz Ag 000 oz AgEq 2,078 2,2 00 1,964 1,954 1,755 1,627 1,7 00 1,431 1,280 1,220 1,284 1,2 00 1,109 1,025 799 683 700 Total: 7.7 m oz Ag 514 200 11.0 m oz AgEq -300 2012 2013 2014 2015 2016 2017 2
Slide 25: Excellon Leadership
EXCELLON LEADERSHIP EXECUTION CAPABILITIES Executive Management Directors Shawn Howarth, President and CEO Laurie Curtis, Chairman 22 years experience global mining financing and strategy. +40 years experience in mining,; founded Intrepid Minerals and led it through discovery and production phases t
Slide 26: Near-Mine Value Opportunities
NEAR-MINE VALUE OPPORTUNITIES TARGET IS TO EXTEND MINE LIFE 1 Extend Izguiz vein system (current Mallay Mine) ▪ Wider (3 to 5 metre) panels below existing workings. ▪ 3,000 metres drilling with potential to extend mine life SHAFRA ZONE 3+ years 2 3 Shafra Zone 500 metres east of main 2 Isguiz sytem
Slide 27: Mallay Regional Exploration
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 28: Technical Disclosures
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, Selling price $2.20/oz, Recovery 80%, Mining cost $2/ton, Process co
Slide 29: Cautionary 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 30: 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