Excalibur Releases Remainder of Drilling Results from Spyglass

Vancouver, British Columbia--(Newsfile Corp. - June 29, 2026) - Excalibur Metals Corp. (TSXV: EXCL) (OTCQB: EXCBF) ("Excalibur" or the "Company") is pleased to announce drill results from the final four holes of its 3,122-metre drill program at the Spyglass Ridge Target,located at the Company's Bellehelen Silver-Gold Project ("Bellehelen" or the "Project"), Nye County, Nevada. For gold and silver results from the first six holes of the program , see the Company's news release dated June 3, 2026.

Highlights

• Encouraging results from the final four drillholes at Spyglass Ridge including an intercept in BH26008 of 3.05 meters ("m") grading 0.20 grams per tonne ("g/t") gold ("Au") and 21.8 g/t silver ("Ag") and an intercept in BH26010 of 1.52 m grading 0.48 g/t Au and 29.1 g/t Ag
• Rangefront is slated as a priority target for the Company's next drill campaign, along with follow-up drilling at Spyglass Ridge, anticipated in late 2026 or early 2027
• In the coming months, the Company will remain focused on identifying, advancing, and prioritizing targets at Bellehelen to optimize the chances of discovery during subsequent drilling

Multiple zones of anomalous gold and silver mineralization were identified in holes BH26008 and BH26010, including an intercept in BH26008 of 3.05 m grading 0.20 g/t Au and 21.8 g/t Ag and an intercept in BH26010 of 1.52 m grading 0.48 g/t Au and 29.1 g/t Ag. The occurrence of multiple coincident gold-silver intercepts across separate drill holes confirms the presence of a mineralized structure running parallel to Spyglass Ridge that continues to a depth of at least 300 metres. Particularly encouraging is the continuity of elevated gold and silver values over tens of metres in both BH26008 and BH26010, suggesting the potential for disseminated mineralization on the Project. Holes BH26007 and BH26009 primarily returned gold and silver values below detection limit.

In the Company's next drill campaign, follow-up drilling is planned with the aim of identifying high-grade shoots along the mineralized structure at Spyglass Ridge in addition to testing other targets.

John Gilbert, CEO of Excalibur Metals, commented: "These results continue to demonstrate the scale and fertility of the Bellehelen hydrothermal system. We're encouraged by the early-stage results at Spyglass Ridge, where the presence of multiple gold-silver intercepts in separate drill holes provides further evidence that we are vectoring toward a robust mineralized system. We'll continue to advance the Project on multiple fronts by undertaking systematic exploration in the lead-up to our next round of drilling."

Next Steps

Over the summer and fall of 2026, the Company plans to conduct additional mapping and sampling, collect further geophysical data, and model the results of its recent drilling to identify, define, and rank future drill targets at Bellehelen, including, but not limited to Spyglass Ridge. The objective of this work is to refine and prioritize drill targets ahead of the Company's next planned drill campaign. The Company is encouraged by the results of its maiden drill program, which confirm the scale and potential of the Bellehelen system, and remains focused on identifying the principal mineralizing structures along the eight-kilometre trend.

Table 1: Significant Drill Intercepts from BH26007- BH26010

* True-widths are assumed to be 80-90% of the reported width; however, there is not sufficient data at this time to accurately evaluate the true-width of these reported intercepts.

Table 2: Drill Hole Location Information for all Holes Drilled in 2026

*Easting and Northing coordinates are provided in NAD83 UTM 11N.

Figure 1: Drill plan map showing drill hole locations and surveyed traces at Spyglass Ridge

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11871/303184_9ec9fb2db45cdad6_001full.jpg

Qualified Person‍ ‍

Matthew Dumala, P.Eng., a consultant of the Company, is a Qualified Person ("QP") as defined by National Instrument 43-101. Mr. Dumala has reviewed and approved the technical information disclosed in this news release.

With respect to data from drilling conducted by the Company, the QP has verified all scientific and technical data disclosed in this news release including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. The Company and the QP do not recognize any factors of sampling that could materially affect the accuracy or reliability of the data disclosed in this news release.

Samples were submitted to MSA Labs, an independent laboratory located in Elko, Nevada, where samples underwent standard preparation procedures and Gamma ray analysis for gold & silver by a PhotonAssay™ instrument. Control samples comprising duplicates, blanks, and certified reference materials were systematically inserted and analyzed pursuant to the Company's QA/QC protocol. The Company's QA/QC results were reviewed by the QP, and no significant issues were identified. A secure chain of custody is maintained and documented as samples are collected and transported from the field to the lab. ‍ ‍

About Bellehelen

Bellehelen encompasses a district-scale, 10-kilometre-long mineralized trend that historically produced an estimated 311,000 silver-equivalent ounces in the early 1900s¹. Numerous historic workings are distributed along the entire length of this extensive corridor, highlighting a continuity of mineralization across multiple zones on the Property. Historical surface sampling returned high-grade assays of up to 11.25 g/t gold and 3,490 g/t silver1, confirming the presence of a fertile precious metal system. In addition, broad soil anomalies and extensive vein networks within the large structural corridor suggest the potential for both high-grade shoots and bulk-tonnage targets, underscoring the exceptional scale and prospectivity of the Bellehelen Property.

As it relates to adjacent properties disclosed in this news release, such as Round Mountain and Arthur, such mineralization is not necessarily indicative to the mineralization on the Project.

About Excalibur Metals Corp.

Excalibur Metals Corp. is focused on exploring for precious metals within established mining areas in the Western United States. The Company has acquired the option to purchase 100% of the Bellehelen Project in Nye County, Central Nevada. The claims cover most of the historic Bellehelen Mining District, where gold and silver were initially discovered and mined in the early 1900's. Excalibur has assembled an exceptional team with considerable exploration, developing and permitting experience within North America. Excalibur is traded on the TSX Venture Exchange (TSXV) under the symbol "EXCL" and on the OTCQB Venture Market under the symbol "EXCBF". For more information, visit www.excaliburmetals.com.

EXCALIBUR METALS CORP.

On behalf of the Company

"John Gilbert"

CEO

Notes

¹ Details about the historical production and results at Bellehelen can be found in the technical report titled "Bellehelen Property NI 43-101 Technical Report" authored by Heather Burrell, B.Sc., P.Geo. with an effective date of August 15, 2024 filed on SEDAR+ and referenced from Kleinhampl F.J. & J.I. Ziony. 1984a. Geology of Northern Nye County, NV. Nevada Bureau of Mines & Geology Bulletin 99A.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to the interpretation of exploration and drill results; the scale and fertility of Bellehelen; the potential for a robust mineralized system; the Company plans to conduct additional mapping and sampling; identifying the principal mineralizing structures along the eight-kilometre trend; mineralization potential; the Project's potential; planned timeline for drilling and expected drill targets; and the exploration and development of the Company's mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to continue as a going concern and implement the Company's operational plans, metal prices, the timing and amount of future exploration expenditures, the availability of labour, equipment and material, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to the Company not obtaining adequate financing to continue operations, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in commodity prices, risks related to current global financial conditions, risks related to current global financial conditions on the Company's business, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of exploration activities, including the risk of accidents, labour disputes, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303184

Source: Excalibur Metals Corp.

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