Excellon Closes Sale of Oakley

Toronto, Ontario--(Newsfile Corp. - October 19, 2023) - Excellon Resources Inc. (TSX: EXN) (OTCQB: EXNRF) (FSE: E4X2) ("Excellon" or the "Company") is pleased to announce that, further to its news release dated August 30, 2023, Excellon Idaho Gold Inc., a wholly-owned subsidiary of Excellon, has closed the sale of Excellon's minority interest in the Oakley Project ("Oakley") to Centerra (U.S.) Inc. ("Centerra") for US$1 million in cash.

Shawn Howarth, President and CEO of Excellon, commented, "Securing this funding demonstrates a successful exit from a non-core asset and allows Excellon to advance on key strategic priorities including restructuring the balance sheet and the development of its core asset portfolio."

Immediately prior to the execution of the purchase agreement, Centerra had earned into a 70% interest in Oakley by spending US$7 million in exploration expenditures since 2020. As per the terms of the earn-in agreement with Centerra, Excellon would be required to fund future expenditures on a 70%/30% pro rata basis. If Excellon chose to waive its pro rata expenditures, the Company would be diluted to an effective 2% net smelter returns royalty on Oakley.

About Excellon

Excellon's vision is to realize opportunities through the acquisition of advanced development or producing assets with further potential to gain from an experienced management team for the benefit of our employees, communities and shareholders. The Company is advancing a portfolio of silver, base metals and precious metals assets including Kilgore, an advanced gold exploration project in Idaho; and Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration.

Additional details on Excellon's properties are available at www.excellonresources.com.

For Further Information, Please Contact:

Excellon Resources Inc.
Shawn Howarth, President & Chief Executive Officer
info@excellonresources.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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