Excalibur Metals Commences Maiden Drilling Program at Spyglass Ridge

Excalibur Metals Corp. (TSXV: EXCL) ("Excalibur" or the "Company") is pleased to announce that the Phase 1 reverse-circulation ("RC") drilling program at the Spyglass Ridge gold-silver target ("Spyglass") is now underway at the Company's Bellehelen Project ("Bellehelen" or the "Project") in Nye County, Nevada.

Spyglass Ridge Drill Commencement

The drill contractor has mobilized to the site, and drilling has begun on the first of eight planned RC drill holes. The initial 3,000-meter program is designed to test high-priority gold and silver mineralization at depth, following up on surface sampling, alteration mapping and recent CSAMT geophysical survey that identified well-defined mineralized structures and coincident alteration consistent with a robust gold-silver epithermal system.

"Getting the rig turning at Spyglass is a major milestone for Excalibur," said John Gilbert, CEO of Excalibur. "This has been the focus since the Company's qualifying transaction was completed last Fall. Many months of preparation followed to finalize our drill targets on the technical side. For some of us, it's been years in the making, and we're taking the project to the next stage. It's very exciting as Spyglass represents just the first of several high-priority zones at Bellehelen that we believe can develop into a major discovery."

Grant of Incentive Stock Options

The Company also announces that it has granted an aggregate of 2,400,000 incentive stock options (the "Options") to certain directors, officers, and consultants of the Company, in accordance with the Company's Stock Option Plan. The Options are exercisable at a price of $0.235 per share for a period of five years from the date of grant and are subject to the policies of the TSX Venture Exchange.

Qualified Person

Technical information in this news release has been reviewed and approved by Richard Reid, CPG, technical advisor and a "qualified person" as defined by National Instrument 43-101.

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's¹. 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 and meterage for drilling and expected drill targets; the identification of well-defined mineralized structures and coincident alteration consistent with a robust gold-silver epithermal system; that Spyglass represents just the first of several high-priority zones at Bellehelen that the Company believes can develop into a major discovery; 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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