Vancouver, British Columbia--(Newsfile Corp. - June 3, 2026) - Excalibur Metals Corp. (TSXV: EXCL) (OTCQB: EXCBF) ("Excalibur" or the "Company") is pleased to announce partial drill results from the recently completed maiden drill program at the Company's flagship Bellehelen Silver-Gold Project ("Bellehelen" or the "Project") in Nye County, Nevada. The program consisted of 3,122 metres ("m") of reverse circulation ("RC") drilling across ten holes at the Spyglass Ridge Target ("Spyglass"), with precious metals results received for the first six holes and four holes still pending. Data from hole BH26001 highlights a significant, newly identified mineralized zone within a previously undrilled silver-gold target.

Drill Hole BH26001 Highlights: Mineralization Open at Depth and Along-Strike

BH26001, the first drill hole at Spyglass, returned an intercept of 360.0 grams per tonne ("g/t") silver ("Ag") and 2.03 g/t gold ("Au") over 1.52m contained within a wider mineralized intercept of 16.7 g/t Ag and 0.10 g/t Au over 100.58m. This wider intercept ended at the bottom of the hole, remains open at depth, and suggests the potential for disseminated mineralization adjacent to the interpreted controlling structure. Follow-up drilling will be designed to evaluate the continuity, geometry, and grade distribution of the mineralized zone, as well as to test for extensions of higher-grade mineralization. Excalibur plans to conduct additional drilling in late 2026 or early 2027 to further evaluate the potential of Spyglass.

"For a first-pass with the drill rig at Spyglass, hitting high-grade silver and gold mineralization is very promising. We are just as excited by the wide halo of elevated gold and silver values - unquestionably a successful proof-of-concept. The drill results are very significant in answering the foremost question of whether this 10km + system has deep roots and potential for scale - these first intercepts show the system is very robust and intact," commented John Gilbert, CEO of Excalibur. "And these results confirm Bellehelen's potential, demonstrating that the system extends from surface to at least 300 metres below surface. In these types of systems, the third dimension - that is, depth - is perhaps the most critical component for a tier one-sized target. We've known the plumbing at Bellehelen is extensive laterally and now we've shown it has deep roots with this drilling success. Considering that Spyglass represents a target area of just over 1% of the larger 10 km+ mineralized trend at Bellehelen, we believe we're just getting started showing the Project's potential."

Table 1: Highlight Drill Intercepts from BH26001

*Values reported by the laboratory as below detection limit were assigned a value of zero for the purpose of calculating weighted average composite intervals.** True-widths are assumed to be 80-90% of the reported width; however, there is not sufficient data at this time to accurately evaluate the true-width of these reported intercepts.

Figure 1. Drill section showing silver mineralization within BH26001 and its relationship to a mineralized structural zone that outcrops at surface.

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/11871/299900_c9c4087704e55821_001full.jpg

BH26001 and BH26004: Anomalous Precious Metals Throughout a Vertically Extensive Boiling Zone

BH26001 also encountered multiple zones of anomalous gold mineralization higher up in the hole from the highlight intercept. Notable intervals include 0.14 g/t Au and 8.0 g/t Ag from 205.74 to 208.79 metres and 0.26 g/t Au with 12.2 g/t Ag from 230.12 to 231.65 metres. This shallower gold footprint supports the presence of a mineralized structure extending up-dip to surface that constitutes a target for future step-out drilling along strike and at depth.

Assays from BH26004 also returned anomalous gold results toward the bottom of the hole. Key intercepts included 0.21 g/t Au between 57.91 and 60.96m, 0.73 g/t Au between 105.16 and 106.68m, and 0.22 g/t Au from 106.68 to 108.20m before terminating at a total depth of 116m / 380 ft. Holes BH26002, BH26003, BH26005, and BH26006 primarily returned gold and silver results below detection limit.

These results demonstrate that elevated precious metals are present within the system from the surface to at least 300m depth, which materially expands the search space for economic mineralization and strengthens the analogy between Bellehelen and epithermal deposits in Nevada with vertically extensive zones of gold-silver mineralization, such as Round Mountain and Arthur.

"We're encouraged to see strongly anomalous gold and silver values at a significant depth below surface. This reinforces our conviction in the scale and strength of the mineralizing system at Bellehelen," said Eli Turner, VP of Exploration. "We're still in the early days of evaluating and testing this Project and are preparing for first-pass drilling of our Rangefront Target, as well as a subsequent program at Spyglass to follow-up on these positive results."

Figure 2. Drill plan map showing drill hole locations and surveyed traces. The Company has received results from BH26001 through BH26006. BH26007 through BH26010 remain pending at the lab.

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Table 2: Significant Drill Intercepts from BH26001-BH26006

*Values reported by the laboratory as below detection limit were assigned a value of zero for the purpose of calculating weighted average composite intervals.** True-widths are assumed to be 80-90% of the reported width; however, there is not sufficient data at this time to accurately evaluate the true-width of these reported intercepts.

Quality Assurance / Quality Control

Matthew Dumala, P.Eng., an independent 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.

With respect to data from drilling 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.

Samples were submitted to MSA Labs, an independent laboratory located in Elko, Nevada, where samples underwent standard preparation procedures and Gamma ray analysis for gold & silver by a PhotonAssay™ instrument. Control samples comprising duplicates, blanks, and certified reference materials were systematically inserted and analyzed pursuant to the Company's QA/QC protocol. The Company's QA/QC results were reviewed by the QP, and no significant issues were identified. A secure chain of custody is maintained and documented as samples are collected and transported from the field to the lab.

Table 3: Drill Hole Location Information for all Holes Drilled in 2026

*Easting and Northing coordinates are provided in NAD83 UTM 11N.

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.

As it relates to adjacent properties disclosed in this news release, such as Round Mountain and Arthur, such mineralization is not necessarily indicative to the mineralization on the Project.

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 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" and on the OTCQB Venture Market under the symbol "EXCBF". For more information, visit www.excaliburmetals.com.

EXCALIBUR METALS CORP.On behalf of the Company"John Gilbert"CEO

Cautionary Note Regarding Forward-Looking InformationThis 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 and drill results; potential for a significant, newly identified mineralized zone; mineralization potential; the Project's potential; 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.

Notes¹ 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.

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