Excalibur Metals

Investor Insight

Excalibur Metals holds the first-ever consolidation of the historic and underexplored Bellehelen Mining District in Nevada’s premier and underexplored Walker Lane trend, nearby Kinross Mining’s 15Moz Round Mountain mine with similar geology.

Overview

Nevada emerged as the top jurisdiction in the world for investment in the 2025 Fraser Institute Survey of Mining Companies, climbing from its second spot in 2024. The state remains a hub for precious metals gold and silver and other key minerals to date, retaining its “Silver State” title and accounting for 75 percent of US gold production.

Canadian precious metals exploration company Excalibur Metals (TSXV:EXCL) seeks to capitalize on this by focusing on the underexplored sections of Nevada’s Walker Lane. Its core strategy aims to consolidate and de-risk district-scale projects that hold the potential to become significant satellite feed or standalone platforms for major producers. By applying modern hyperspectral imaging, geophysics (CSAMT) and systematic geochemistry to high-grade historic camps, Excalibur is uncovering bulk-tonnage gold and silver targets that have been dormant for decades.

The company’s Bellehelen project holds a historic high-grade production estimated at 311,000 silver-equivalent ounces, yet the system remains largely untested under cover. With a management team led by geologists with a direct track record in major Nevada discoveries and a C$3.6 million financing, Excalibur is now applying a data-driven framework to prove the potential for a large, preserved hydrothermal system in one of the world's most mining-friendly jurisdictions.

Company Highlights

• Premier mining jurisdiction: Operations are focused in Nevada, which ranked 1st in the 2025 Fraser Institute Survey for investment attractiveness.
• Strategic consolidation: Consolidated over 90 percent of the historic Bellehelen district into a unified over 10-kilometer mineralized trend, overcoming a century of fragmented ownership.
• Expert management team: Led by geologists with a direct track record in major US discoveries, with VP for Exploration Eli Turner and technical advisor Dick Reid, former Chief Geologist- Newmont.
• Strong financial position: Closed a C$3.6 million financing in April 2026 with significant insider participation, C$4.1 million total in treasury fully funding the current phase of exploration drilling.

Flagship Project

Bellehelen Project

Bellehelen is located approximately 70 kilometers east of Tonopah within the northern portion of the Reville Range in Nye County, Nevada. The property has 272 Federal Lode Claims covering approximately 2,274 hectares of highly prospective terrain in the heart of Walker Lane, a structural trend renowned for its significant endowment of precious metals.

Excalibur Metals has successfully consolidated the district for the first time in its history, securing a land package that covers the vast majority of the historic mining area and its surrounding prospective extensions. Extensive surface work has identified a mineralized corridor extending over 10 kilometers in length, where historic high-grade production estimated at 311,000 silver-equivalent ounces occurred from the early 1900s through the 1930s.

The company said that modern exploration tools show that the project’s mineralized system remains intact and virtually untested at the specific depths where high-grade gold and silver typically concentrate in this region of Nevada.

Excalibur Metals has identified two primary targets at Bellehelen:

• Spyglass Ridge Target: A priority drill area where surface samples have returned values up to 17.4 grams per tonne gold and 3,490 grams per tonne silver.
• Range Front Target: A large-scale alteration cell measuring 1.5 kilometers in width, representing a fully preserved hydrothermal system.

The company is also advancing the Rangefront target through high-resolution geophysical surveys and geochemical sampling. Recent results at Rangefront confirmed widespread pathfinder elements such as arsenic, antimony and mercury.

A follow-up drilling campaign is targeted for later in 2026.

Management Team

John Gilbert – CEO & Director

John Gilbert is a structural geologist with over 18 years of North American exploration experience and a proven track record of project generation and district-scale consolidation. He is the former VP exploration and corporate development for Silver Range Resources and ran a successful private prospect generator, developing and vending precious metals projects in New Brunswick.

Eli Turner – VP Exploration

Eli Turner previously served as senior geologist at Orogen Royalties, where he was responsible for generating new exploration projects and managing partner-funded programs with South32, Yamana Gold, Pan American Silver, and Altius Minerals. He was also a geologist for Blackrock Silver, contributing to the inaugural drill program at the Tonopah West project, which now contains a significant gold-silver resource.

Richard Reid – Technical Advisor

A veteran geologist with over 40 years of experience, Richard Reid served as the chief geologist for North America for Newmont, the world’s largest gold producer. He was also a project geologist for Pegasus Mining, Newmont’s Nevada District Exploration Manager and later Exploration Business Development Manager, and chief geologist for North America.

Alan Wainwright – Technical Advisor

Wainwright is an economic geologist with two decades of experience in precious metals. He was the program leader for the industry-sponsored Western Tethyan Metallogeny Project at The University of British Columbia’s Mineral Deposit Resource Unit, which created new geologic and mineral exploration frameworks for the Balkans, Turkey and Caucasus. He was a co-recipient of the H.H. Spud Huestis award for his role in the 5 million ounces Coffee Gold discovery.