Excalibur Metals Plans Property-Wide Exploration Program at Bellehelen Silver-Gold Project and Announces Director Nominees

Excalibur Metals Corp. (TSXV: EXCL,OTC:EXCBF) (OTCQB: EXCBF) ("Excalibur" or the "Company") is pleased to announce plans for an extensive follow-up field exploration program (the "Program") at its Bellehelen Silver-Gold Project ("Bellehelen" or the "Project") in Nye County, Nevada.

The planned Program will include detailed geological mapping and systematic rock-chip sampling across a broad portion of the Project. The work is designed to follow up on recently identified targets, including the Zigs and Broken Cabin silver-gold soil anomalies north of Spyglass Ridge, while expanding the Company's geological understanding across the broader Bellehelen district. The Program will evaluate the structural and geological controls on gold-silver mineralization and identify and prioritize targets for future drilling.

Field crews are expected to mobilize in early September, with the Program anticipated to include:

• Detailed geological and structural mapping across priority areas of the Project;
• Systematic rock-chip sampling of prospective structures, alteration zones and historic workings;
• Follow-up mapping and sampling at the recently identified Zigs and Broken Cabin targets;
• Additional work around geochemical and geophysical anomalies identified through previous exploration;
• Evaluation of the broader Bellehelen structural corridor; and
• Integration of the new field data with recent drilling, soil geochemistry, geophysics and remote-sensing results to refine and rank future drill targets.

"Following our first drill program at Spyglass Ridge and the identification of additional targets at Zigs, Broken Cabin and Rangefront, we are returning to the field with a much stronger understanding of the scale and structural complexity of the Bellehelen system," commented John Gilbert, CEO of Excalibur. "This next phase will allow us to systematically evaluate a much larger portion of the Project and build a more complete picture of the structures, alteration and geochemical signatures associated with mineralization. Our objective is to identify the best opportunities across the district and advance a pipeline of high-quality targets for future drilling."

Advancing a District-Scale Exploration Opportunity

Bellehelen encompasses a district-scale, approximately 10-kilometre-long mineralized trend marked by numerous historic workings, extensive vein networks and widespread gold-silver mineralization. Despite this extensive surface expression, much of the Project has received limited systematic modern exploration.

The Company's maiden drill program at Spyglass Ridge consisted of 3,122 metres ("m") of reverse-circulation drilling across ten holes. The drill program confirmed that the mineralized system extends to depth and identified multiple zones of gold-silver mineralization, including 360.0 grams per tonne ("g/t") silver and 2.03 g/t gold over 1.52 m within a broader interval of 16.7 g/t silver and 0.10 g/t gold over 100.58 m in drill hole BH26001 (Please refer to the Excalibur news release dated June 3, 2026 and entitled "Excalibur Intersects 360 g/t Silver and 2 g/t Gold over 1.52m at Bellehelen; 100M Broad Mineralized Zone Remains Open at Depth" for additional details on the drill results and QA/QC matters).

Subsequent soil sampling north of Spyglass Ridge outlined multiple silver-gold anomalies across an approximately one-kilometre-long corridor, including the newly defined Zigs Target and the extended Broken Cabin Target. At Zigs, coincident gold and silver anomalies define an approximately 300 m by 300 m target area that remains open, while elevated gold and silver values at Broken Cabin outline a broader target area measuring approximately 300 m by 600 m. Together with Spyglass Ridge, these targets support the potential for mineralization to be associated with a broader network of parallel or intersecting structures within the Bellehelen system (please refer to the Excalibur news release dated August 11, 2026 and entitled "Excalibur Metals Defines New Silver-Gold Soil Anomalies North of Spyglass Ridge" for additional details.).

At Rangefront, located approximately eight kilometres northwest of Spyglass Ridge, the Company identified a coherent multi-element soil anomaly that strengthens toward an interpreted rangefront structure concealed beneath shallow post-mineral cover. Controlled-source audio-frequency magnetotelluric ("CSAMT") geophysics also identified a prominent west-dipping structural feature that the Company believes may have acted as an important conduit for hydrothermal fluids.

The planned mapping and rock-chip sampling program will build on these results by extending systematic exploration across additional areas of Bellehelen. Particular attention will be given to the newly identified targets at Zigs and Broken Cabin, as well as other prospective structures, zones of alteration, historic workings and areas where existing geological, geochemical or geophysical information indicates the potential for concealed or previously unrecognized mineralization.

Results from the field program will be integrated with the Company's existing datasets and the geological interpretation of the recent Spyglass Ridge drilling. This work will support the refinement and prioritization of targets at Spyglass Ridge, Zigs, Broken Cabin, Rangefront and other prospective areas ahead of the Company's next planned drill campaign.

Board Nominees for 2026 Annual General Meeting

The Company is also pleased to announce that Gernot Wober, P.Geo., and John Gilbert, the Company's Chief Executive Officer, have been nominated for election to the Company's Board of Directors at its upcoming annual general meeting ("AGM") of shareholders, scheduled for September 15, 2026.

As Excalibur continues to advance its exploration strategy at Bellehelen, the Company is strengthening its leadership with individuals whose technical expertise and industry experience are closely aligned with its next stage of growth.

"Bellehelen continues to attract highly experienced industry professionals who recognize the opportunity to build value through systematic exploration of this large and underexplored silver-gold district," commented Lewis Lawrick, Chairman of Excalibur. "Gernot brings an exceptional depth of exploration, discovery and project advancement experience, while John's nomination will further align the Board with the leadership responsible for executing our exploration strategy. We believe their combined technical and corporate experience would be highly valuable as Excalibur advances Bellehelen."

Mr. Wober is a professional geologist with approximately 35 years of international mineral exploration and project development experience. Most recently he served as VP Exploration at First Nordic Metals, leading exploration across the company's portfolio. Previously, as Vice President Exploration at Discovery Silver (now Discovery Mining), he played a key role in identifying and acquiring the Cordero silver deposit in Chihuahua, Mexico, and advancing it from the resource stage through feasibility and toward permitting, as well as supporting the Porcupine Complex acquisition from Newmont. Mr. Wober previously served as Vice President, Exploration, Canada, at Osisko Mining Inc., where he led exploration activities at the Windfall gold project and contributed to the discovery of the high-grade Lynx Zone. His earlier roles include senior positions with Great Basin Gold Ltd., Northern Dynasty Mines Inc., Oban Mining Corp., Lac Minerals Ltd., Noranda Exploration Company Ltd., Taseko Mines Ltd. and Chevron Canada Resources Ltd.

Mr. Gilbert has more than 18 years of experience as an exploration and mine geologist in North America, with broad surface and underground experience across multiple facets of mineral exploration. Prior to joining Excalibur, Mr. Gilbert served as Vice President, Exploration and Corporate Development of Silver Range Resources Ltd. and operated a successful private prospect generator focused on developing and vending precious metals projects in New Brunswick. Mr. Gilbert holds a bachelor's degree in geology from the University of Massachusetts Amherst and a master's degree in structural geology from the University of Vermont.

Brian Shin and Charanjit Hayre, current directors of the Company, do not intend to stand for re-election at the upcoming annual general meeting but will remain as Company advisors. The Company thanks them for their service and contributions to Excalibur as directors.

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.

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. Broad soil anomalies, extensive vein networks and the results of the Company's recent drilling and geophysical programs demonstrate the potential for both structurally controlled higher-grade mineralization and broader zones of disseminated mineralization.

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 1900s. 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.

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, sampling and drill results; the timing and scope of the planned Program; the interpretation of exploration results; the Project's potential; planned timeline for future drilling and exploration 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.

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