Excellon Provides Operational and Financial Updates; Mill Pre-Commissioning Campaign Targeted for June

About this update from Excellon Resources Inc.

Toronto, Ontario--(Newsfile Corp. - May 27, 2026) - Excellon Resources Inc. (TSXV: EXN) (OTC Pink: EXNRF) (FSE: E4X2) ("Excellon" or the "Company") is pleased to provide an update on operational activities at its 100%-owned Mallay silver-lead-zinc mine ("Mallay") in central Peru, as well as recent financial updates.Highlights:Mill ready for pre-commissioning. All critical refurbishment and wet commissioning milestones completed; bulk-sample campaign targeted for June 2026.~15,000 tonnes stockpiled from Isguiz vein and Footwall Zone. Surface stockpile provides representative feed for the pre-commissioning bulk-sample campaign.Infill drilling informing updated restart planning. Results from the ~2,500-metre program are being integrated into the geological model; the Company expects to have an updated restart plan and schedule in early Q3/26.Drilling underway to test mineralized extensions: Two rigs active at site targeting extensions of the Isguiz system at depth, the Pierina gold target and Mallay Deeps — a downhole electromagnetics ("DHEM") exploration target; a third rig is expected at Shafra in June.Operational team strengthened. New Operations Manager appointed at Mallay; technical capacity expanded in the resource modelling, mine planning, and contract management areas.Dewatering of the 400-ramp advanced. Rehabilitation of the 400-ramp is now underway, providing access to Isguiz below the 4090 level.Zero lost-time injuries year-to-date. Approximately 250,000 person-hours worked across all site personnel and contractors since restart.Shawn Howarth, President and CEO, commented, "The work completed over the last several months, including finishing mill refurbishment, assay lab upgrades, completion of our initial infill drill program and the expansion to three drill rigs, positions us to begin testing the process plant in a measured way. We are treating June as a bulk-sample exercise designed to validate metallurgy, recoveries, and concentrate quality. At the same time, we are advancing resource definition and testing extensions of the Isguiz system at depth, the Pierina gold target, and the broader Shafra Zone. With this drilling we aim to build a larger resource base at Mallay and identify new zones of mineralization. Current silver prices are materially above the US$30/oz assumption used in our February 2026 Mineral Resource Estimate, reinforcing the ...

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