Vancouver, British Columbia--(Newsfile Corp. - March 19, 2026) - Excalibur Metals Corp. (TSXV: EXCL) ("Excalibur" or the "Company") recently completed a paired remote-sensing and ground-based spectral survey focused on gold and silver pathfinder mineral alteration which returned promising indicators for a broader mineralized system on-trend and under cover at the Bellehelen Project, Nye County, Nevada. This in turn motivated staking of an additional 102 unpatented mineral claims that primarily extend the Company's mineral tenure to the northwest along the Bellehelen fault, which hosts a largely unexplored, low-sulfidation gold and silver district (see Figure 1).

"Using modern tools, Bellehelen continues to check off the boxes for Tier 1 potential," says John Gilbert, CEO of Excalibur Metals. "The most recent data indicates a broad wide alteration zone over 1.5 km wide to the northwest - and our groundwork corroborates what appears to be a large, high-level argillic alteration zone at the intersection of major structures. These geologic features can indicate the potential for disseminated bulk-tonnage gold and silver mineralization at depth. Given there are high-grade, historic shallow mines in the vicinity, we see this as a priority follow-up target as it appears similar to the mineralization Kinross mines nearby at Round Mountain (see Figure 2)."

The ground-based alteration samples were analyzed with a tabletop infrared spectrometer. This was used to aid in interpreting airborne AVIRIS hyperspectral data into a district-scale alteration model. This model will be used in conjunction with ground-based sampling, mapping and geophysics to delineate potential drill targets on this newly acquired ground.

Additional Staking

The additional 102 claims staked comprise 2107 acres (852 hectares) and are primarily to the northwest of the existing Bellehelen claims. This new area follows a northwest mineral alteration trend along the Bellehelen fault and coincident calderas which contain widespread gold and silver mineralization. The Bellehelen Project now stands at 271 unpatented mineral claims totalling 5,600 acres (2,266 hectares) covering a gold and silver mineralized trend over 10+ km.

Figure 1: Newly expanded Bellehelen Project Claim Block, Nye County, Nevada. Additional claims were staked to the northwest cover epithermal alteration footprint, where alteration is locally associated with gold-silver mineralization forming a priority follow-up target. Drilling at the Spyglass target will commence in March/April 2026.

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Figure 2: Hyperspectral (AVIRIS) airborne remote sensing indicating kaolinite (argillic) alteration of (primarily) unwelded tuff along the Bellehelen Fault juxtaposed with illite and clay (smectite) mineral alteration. This alteration signature indicates potential large-scale hydrothermal fluids pervasively altering host rock along the Bellehelen fault. This broad alteration system is on-trend with and adjacent to known gold-silver showings, forming a priority follow-up target for potential bulk-tonnage silver and gold mineralization.

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Quality Assurance / Quality Control

AVIRIS (Airborne Visible/Infrared Imaging Spectrometer) is a full spectral range imaging spectrometer and dedicated to Earth Remote Measurement. It deploys an optical sensor that delivers calibrated images of the upwelling spectral radiance in 224 contiguous spectral channels (bands) with wavelengths from 380 to 2510 nanometers. Two AVIRIS scenes were processed for alteration mineralogy in the area of interest. The two AVIRIS scenes were both flown on August 1st, 2025.

Remote sensing processing was completed using ENVI software and proprietary in-house algorithms. Alteration, white mica wavelength, white mica strength, kaolinite strength products were generated in order to contribute to the exploration framework.

The field sample spectrometer used was an ASD FieldSpec Pro with a spectral resolution ranging from 3 to 10 nm. Between one and three surfaces were analyzed on 63 rock samples for a total of 77 analyses. AVIRIS mapping methodology uses known areas of hydrothermal alteration within the image as a quality check. The dominant alteration mineralogy of the hand samples (kaolinite and illite) matches the dominant alteration minerals mapped with AVIRIS. Field-checking and field review of the image results is ongoing.

Management cautions that prospecting surface rock samples and associated spectra, 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 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.

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+. Management cautions that production from, or discoveries on, adjacent properties may not necessarily be indicative to the presence of mineralization at the Bellehelen Project.

Option Grant

The Company also announces that it has granted a total of 250,000 stock options to an officer at an exercise price of $0.23 for a period of five years. The options vest in four equal installments over a period of 24 months.

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.

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; the existence of a largely-unexplored low-sulfidation gold and silver district; the potential for disseminated bulk-tonnage gold and silver mineralization at depth; the delineation of drill targets; 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.

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