Excellon Resources Subsidiary Saxony Silver Announces $2.125 Million Private Placement

About this update from Excellon Resources Inc.

$20.8 Million Pre-Money Valuation for Silver City Project Toronto, Ontario--(Newsfile Corp. - May 13, 2026) - Excellon Resources Inc. (TSXV: EXN) (OTC Pink: EXNRF) (FSE: E4X2) ("Excellon" or the "Company") is pleased to announce that its 75%-owned subsidiary, Saxony Silver Corp. ("Saxony Silver"), has entered into binding subscription agreements in respect of a non-brokered private placement of units (the "Offering") for aggregate gross proceeds of $2.125 million at a pre-money valuation of $20.8 million. The Offering supports Excellon's strategy to unlock and crystallize the full value of the Silver City Project. Transaction Highlights: Offering: Non-brokered private placement of 4,250 units (the "Offered Units") at $500.00 per Offered Unit, for aggregate gross proceeds of $2,125,000. Non-dilutive and net accretive to Excellon shareholders: The Offering is being undertaken at the Saxony Silver level, with no Excellon securities issued. The Offering establishes a third-party validated baseline value for Excellon's majority interest in the Silver City Project without any dilution to Excellon shareholders. Pre-money valuation of $20.8 million: Sets baseline valuation for the Silver City Project. Value creation: Excellon to hold a pro forma 68% interest on an undiluted basis, implying a pro forma valuation of $15.6 million for its interest. Creating Europe's Next Emerging Silver Explorer: Saxony Silver is a European-focused silver exploration company — underpinned by a district-scale land package in one of the world's historically prolific silver-producing regions. Shawn Howarth, President and CEO of Excellon, commented: "Excellon holds a controlling interest in a significant and underexplored high-grade silver district in Europe, with 34,000 hectares in the heart of Saxony's Freiberg silver belt, a camp with over 750 years of mining history and approximately 183 million ounces of historical silver production. The proceeds raised will fund a structured target regeneration program that leverages extensive historical drill and geophysical data across this highly prospective district — which will be followed by initial drilling of priority targets. Today's announcement establishes a credible entry point and positions Saxony Silver for a potentially substantial re-rating." Details of the Offering Saxony Silver has entered into binding subscription agreements in ...

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