Vancouver, British Columbia--(Newsfile Corp. - April 16, 2026) - Excalibur Metals Corp. (TSXV: EXCL) ("Excalibur" or the "Company") is pleased to announce significant results at its developing Northwest Rangefront Target ("Rangefront") at the Bellehelen Silver-Gold Project (the "Project" or "Bellehelen"), Nye County, Nevada. Following compelling initial rock chip sampling that identified a large-scale pathfinder element anomaly within a broad alteration zone (see Figure 1 below), the Company has completed a systematic soil grid at Rangefront consisting of approximately 300 samples (results pending). This survey covers the multi-kilometer alteration anomaly defined by airborne remote sensing. Concurrently, this week the Company mobilized a geophysics crew to conduct a high-resolution CSAMT survey for drill targeting later in 2026. In addition to the work being carried out at Rangefront, Excalibur is also finalizing drill preparations at the Spyglass Ridge Target ("Spyglass") located approximately 8km southeast of Rangefront with drilling expected to commence next week.

Consistent Pathfinder Anomalies

The exploration program was triggered by initial reconnaissance rock chip sampling, which yielded compelling results across the target area, as seen below in Table 1.

• Widespread, Consistent Pathfinder Elements: All four rock chip samples collected during the initial phase returned anomalous values of arsenic, antimony, and mercury.

• System Continuity: The consistency of these "top-of-system" pathfinder elements across the broad alteration zone indicates the potential for a broad, fully-preserved gold and silver mineralized system at depth.

• Scale: Initial mapping and sampling identified a significant alteration trend that coincides with the district-wide structural trend that remains open along strike, suggesting the footprint of a large mineralizing system continues northwest.

"Our reconnaissance sampling returned encouraging pathfinder geochemistry across the alteration cell at Rangefront," commented Elijah Turner, VP of Exploration. "Anomalous mercury, antimony and arsenic were present in all samples, which is consistent with the high-level, gold-barren portion of a preserved epithermal system. Given that this anomaly coincides with an outcropping zone of strong, widespread kaolinite alteration, and is adjacent to historical gold workings in a lower-elevation wash, we consider there to be compelling epithermal gold targets both at depth and under cover to the west. The Rangefront Target at Bellehelen has cemented its status as an additional priority for 2026, alongside the Spyglass Target, where drilling is scheduled to commence next week."

Table 1: Rock chip sample results

Figure 1: Reconnaissance rock chip sampling results from the Northwest Rangefront Target at Bellehelen. Sample symbology corresponds to antimony ppm. 

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Exploration Update: Soil Sampling and CSAMT

In light of the rock chip results, Excalibur has fast-tracked the following work programs to further define drill targets:

1. Soil Grid Survey (Complete) The Company has completed a comprehensive soil sampling grid over the main alteration zone at the Northwest Rangefront target area. This soil survey grid was designed to further delineate additional zones of pathfinder elements. Soil samples have been submitted to ALS Geochemistry in Reno, Nevada with assays currently pending.

2. CSAMT Geophysics (In Progress) A geophysics crew is currently mobilizing to the site to conduct a Controlled-Source Audio-Frequency Magnetotellurics (CSAMT) survey.

• Objective: CSAMT is a premier tool for identifying resistive silicified structures-the typical hosts for gold and silver-within larger alteration halos.

• Targeting: This survey will provide the three-dimensional architecture of the system, allowing the Company to develop targets at depth that may not be well expressed at surface.

• Technique: CSAMT uses a controlled electromagnetic source to measure subsurface resistivity, enabling the Company to distinguish between conductive clay-rich alteration and more resistive silica-rich zones associated with potential mineralization.

Excalibur expects to integrate the pending soil assays with the incoming CSAMT data over the coming weeks. This multi-layered data set will form the basis for the Company's follow-up drill program at Rangefront.

Quality Assurance / Quality Control

All rock samples were collected in the field using a hammer and/or chisel. Sample locations were recorded using a handheld GPS with samples placed in labelled cloth bags. Samples were securely transported by field staff to Paragon Geochemical's laboratory in Reno, Nevada for standard sample preparation which includes drying at 100°C, crushing to 70% passing 10 mesh, splitting with a riffle splitter, and pulverizing to 85% passing 200 mesh. Samples were analyzed for gold using fire assay techniques as well as for 34 additional elements using a multi-acid digestion with ICP-OES finish (code 34MA-OES). A Quality Assurance/Quality Control protocol was incorporated into the program. Paragon Geochemical is independent of the Company.

Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled. In addition, further assay results from the exploration program have not yet been received and these may change the interpretation of exploration results.

Dr. Alan Wainwright, a consultant of the Company, is a Qualified Person ("QP") as defined by National Instrument 43-101. Dr. Wainwright has reviewed and approved the technical information disclosed in this news release. The QP has not verified the historical data, but verification of these data will be done through the Company's planned exploration activities. With respect to data from sampling 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 QP has verified the data disclosed in this news release by reviewing the assay data. The QP detected no significant QA/QC issues during review of the data and noted no errors or omissions during the data verification process. 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.

Corporate Update

The Company announces the engagement of certain marketing and market-maker providers, as follows:

The Company has entered into an advertising and investor awareness campaign dated April 13, 2026 with Dig Media Inc. dba Investing News Network ("INN") of Vancouver, British Columbia. INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007 at www.investingnews.com. For the three-month term of the agreement commencing on April 20, 2026, INN will provide advertising to increase awareness of the Company for a total cost of CAD$25,000, payable upfront.

The Company has entered into an agreement dated April 14, 2026 to engage Connect 4 Marketing Ltd. ("Connect 4") of Vancouver, British Columbia to provide social media marketing services for a term of three months commencing on April 14, 2026, in consideration of monthly fees of CAD$6,000 that are payable monthly. The agreement shall renew for additional one-month terms unless terminated by either party with 30 days' notice.

The Company has entered into a market making services agreement dated April 15, 2026 and engaged the services of Independent Trading Group ("ITG") of Toronto, Ontario to provide market-making services commencing on April 15, 2026, in accordance with TSX Venture Exchange ("TSXV") policies. ITG will trade shares of the Company on the TSXV and all other trading venues with the objective of maintaining a reasonable market and improving the liquidity of the Company's common shares. ITG will receive compensation of CAD$5,500 per month, payable monthly in advance, for an initial term of one month and will renew for additional one-month terms unless terminated by either party with 30 days' notice.

The agreements with INN, Connect 4 and ITG are subject to TSXV approval. There are no performance factors contained in the agreements and INN, Connect 4 and ITG will not receive shares or options as compensation. INN, Connect 4, ITG and the Company are unrelated and unaffiliated entities and at the time of the agreements, neither INN, Connect 4 and ITG, nor their principals, have an interest, directly or indirectly, in the securities of the Company. The Company will fund the compensation under the each of the agreements from its cash on hand.

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.

For additional information on the Bellehelen Project, please refer to the technical report titled "Bellehelen Property NI 43-101 Technical Report" with an effective date of August 15, 2024 filed on SEDAR+.

About Excalibur Metals Corp.

Excalibur Metals Corp. is a Canadian company 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". 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 results; planned timeline for drilling and expected drill targets; statements about compelling epithermal gold targets; integration pending soil assays with the incoming CSAMT data over the coming weeks; 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.

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