Vancouver, British Columbia--(Newsfile Corp. - January 22, 2026) - Excalibur Metals Corp. (TSXV: EXCL) ("Excalibur" or the "Company") is pleased to announce the discovery of a new silver and gold mineralized trend at its Bellehelen Project ("Bellehelen" or the "Project") located within the Walker Lane Trend of Nevada. Reconnaissance soil samples collected as part of the recently completed field work at Bellehelen reveal a large, consistent silver and gold soil anomaly extending over a 400 meter ("m") interval with values up to 7.79 parts per million ("ppm") silver ("Ag") and 87 parts per billion ("ppb") gold ("Au"). This newly-discovered mineralized zone lies 700m north of the primary trend of historic mine workings and known gold and silver mineralization at Bellehelen (see Figure 1 below).

"The reconnaissance surface exploration program we conducted this past Fall aimed to expand the known scope of mineralization - and it continues to do just that, as these consistent, high-tenor gold and silver-in-soils further confirm that a robust system with significant scale developed at Bellehelen," says John Gilbert, CEO of Excalibur. "Previously, this area to the north of the main trend saw very little, if any, historic production or modern exploration. These new results indicate the distinct likelihood that additional mineralized structures exist over a broad area under cover just to the north - growing the scale for what we see as a Tier-1 target at Bellehelen. We plan to show that potential with the drill bit in the coming months."

Excalibur's field team collected 111 reconnaissance soil samples along three north-south trending contour lines in November 2025 (see Figure 1 below). Assays have returned encouraging gold and silver values, highlighted by 7.79 ppm Ag and 87 ppb Au, representing the highest silver-in-soil anomaly out of a dataset containing 894 total samples (2021-2025; Figure 2.). Ag values range from 0.33 to 7.79 ppm (mean of 0.27 ppm) and Au values range from 0.6 to 86.7 ppb (mean of 6.8 ppb). These reconnaissance soil samples were collected on the newly staked ground to the northeast of original claim block and historic mine workings.

With the successful completion of detailed mapping, rock sampling and regional soil sampling program, along with recent ground geophysics, Excalibur is confidently advancing toward the final stage of its Phase 1 exploration program as outlined in the September 24, 2025 News Release. A drill campaign of up to 2,500 metres of drilling is planned for this spring and will be designed to test priority targets generated from the integrated exploration results.

Figure 1: 2025 Reconnaissance Soil lines with individual sample locations. The 400m north-trending silver-in-soil anomaly forms a primary follow-up target. Coincident high gold anomaly (87 ppb Au) also highlighted. The anomaly appears to be a localized source; transport/downslope dispersion appears minimal and no soil disturbance was observed. Sampling was conducted at 50m intervals primarily at the 2150m elevation.

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Figure 2: Bellehelen Property Map Showing Sample Locations. Samples were taken at 50m intervals primarily at the 2150m elevation.

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Quality Assurance / Quality Control

All samples were collected in the field at 50m intervals using an auger. Sample locations were recorded using a handheld GPS with samples placed in pre-labelled plastic bags. Samples were securely transported by field staff to ALS USA's laboratory in Reno, Nevada for standard sample preparation which includes drying at 60°C and screening to -180um (ALS code SCR-41). The 50g pulps were subsequently shipped by ALS to ALS labs in Vancouver, Canada and then analyzed for trace gold and multi element PKG (ALS code AuMe - ST44). ALS is independent of the Company.

Management cautions that prospecting soil 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.

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.

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 Bellehelen

Bellehelen encompasses a district-scale, 7-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 Country, 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. Management cautions that production from, or discoveries on, adjacent properties may not necessarily be indicative to the presence of mineralization at the Bellehelen Project.

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; details of a robust system with significant scale developed at Bellehelen; that additional mineralized structures exist; details of additional exploration and drilling activities; 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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Source: Excalibur Metals Corp.