Excellon Continues to Advance Mallay Towards Restart

Mine Rehabilitation Complete, Transitioning to Underground Drilling and Restart Planning

Toronto, Ontario--(Newsfile Corp. - October 14, 2025) - Excellon Resources Inc. (TSXV: EXN) (OTC Pink: EXNRF) (FSE: E4X2) ("Excellon" or the "Company") is pleased to provide an update on rehabilitation and restart planning at the past-producing Mallay silver-lead-zinc mine in Peru.

Highlights:

• Phase One mine rehab complete: Over 2,800 metres mine access rehabilitated to-date across the 4090 and 4150 levels.
• Mine Definition Drilling: 4090 level area to be assessed for a potential restart; definition drilling to commence, covering the first phase of operations; dewatering below 4090 underway to support additional drilling and operations restart planning.
• NI 43-101 Mineral Resource Estimate: Remodeling of historical drilling nearly completed; target publication Q4 2025.
• Isguiz Extension drilling: a budgeted 13,000 metre, 40-hole program testing down-dip/lateral extensions; Q4 2025 start, initial results early 2026.
• Shafra Zone: a budgeted 3,500 metre, 6-hole program to test depth prospectivity below the Pierina gold-silver-lead-zinc vein and advance a gold-rich intrusive related bulk-tonnage target; deep electromagnetic geophysics in Q4 2025 (see Figure 5); initial drill results early 2026.
• Restart Readiness: All operating permits in place, compliant with all environmental requirements for mining and processing restart, including recently received explosives for underground use.

Shawn Howarth, President and Chief Executive Officer, commented: "We are pleased to be moving from rehabilitation to resource expansion drilling at Mallay, with drill pads in preparation on the 4090 and 4150 levels. Our Q4 programs at Isguiz and Shafra will test down-dip continuity and buttress a staged restart plan. We aim to delineate additional mineralization and demonstrate a path to an extended mine life — well beyond the historical mineral resource estimate. With over $20 million in cash-on-hand and available liquidity as at September 30, 2025, our drilling programs are funded, alongside the restart of Mallay."