{"success":true,"data":{"pressRelease":{"id":"148291","rtpr_id":"nNFC8gdy7P-20260921","ticker":"EXN","exchange":"","all_tickers":["EXN"],"title":"Excellon Drilling Confirms Grade and Width Below the 4090 Level at Mallay Silver Mine","author":"Newsfile Corp","published_at":"2026-09-21T11:00:25.940Z","article_body":"Wide mineralized zones outside the current resource highlight potential\nresource growth alongside planned mine development.\n\nToronto, Ontario--(Newsfile Corp. - September 21, 2026) - Excellon Resources\nInc. (TSXV: EXN) (OTCQB: EXNRF) (FSE: E4X2) (\"Excellon\" or the \"Company\") is\npleased to report results from the ongoing drill program at its 100%-owned\nMallay Silver-Lead-Zinc Mine (\"Mallay\") in central Peru. Results from the\nIsguiz vein confirm grade and width continuity below the 4090 Level,\nsupporting planning for deeper mine development. Drilling has also intersected\nwide zones of silver-lead-zinc mineralization on both sides of Isguiz, outside\nthe current Mineral Resource Estimate and immediately adjacent to development\nalready planned for the vein. Drill results reported herein cover 15 holes\ntotalling approximately 4,400 metres. The Company has drilled approximately\n9,000 metres to-date and has transitioned to drilling high-priority step-out\ntargets for which assays are pending or which will be reported separately.\n\nHighlights:\n\nIsguiz Vein - High-Grade Core, Grade and Width Continuity Below the 4090 Level\n(see Figures 1, 3, and 4)\n\nRelevance for Near-Term Mine Planning: Results will inform development, mine\nplanning and scheduling below the 4090 Level, where the Company is planning a\ntransition to more productive, mechanized mining. Rehabilitation of the 400\nRamp, the primary access to this area, is underway and the Company expects to\nincorporate these results into an updated mine plan and schedule targeted for\nyear-end.\n* MLL26-010: 5.00 m @ 255 g/t Ag, 2.39% Zn and 3.02% Pb (398 g/t AgEq),\nincluding 3.40 m @ 290 g/t Ag, 3.43% Zn and 4.33% Pb (495 g/t AgEq) -\nhighest-grade Isguiz intercept returned to-date, confirming strong grade and\nwidth continuity in Clavo 6.\n* MLL26-004: 12.55 m @ 96 g/t Ag, 2.18% Zn, 0.65% Pb (178 g/t AgEq), including\n4.00 m @ 166 g/t Ag, 1.37% Zn, 1.20% Pb (236 g/t AgEq) - this intercept\nprovides depth continuity below the 4090 Level.\n* MLL26-011: 2.3 m @ 248 g/t Ag, 0.86% Zn, 1.74% Pb (314 g/t AgEq) -\nintersected in the Maria vein, a structure in the footwall of the Isguiz vein,\napproximately 280 m below the 4090 Level, within a broader 11.1 m interval\ngrading 115 g/t AgEq - the deepest mineralization returned in the program thus\nfar.\n* MLL26-009: 4.00 m @ 138 g/t Ag, 3.80% Zn, 1.04% Pb (279 g/t AgEq) - Isguiz\nvein intersected approximately 140 m below 4090 Level, flanked by 5.45 m of\nfootwall calc-silicate mineralization (87 g/t AgEq) and 2.75 m of hangingwall\nmineralization grading 118 g/t Ag, 4.53% Zn, 3.33% Pb (334 g/t AgEq).\n* MLL26-015: 4.30 m @ 137 g/t Ag, 5.22% Zn, 1.72% Pb (337 g/t AgEq), within a\nwider 11.7 m interval grading 166 g/t AgEq. The hole also intersected 0.7 m of\nthe Isguiz vein grading 76 g/t Ag, 7.06% Zn and 4.58% Pb (398 g/t AgEq).\nCalc-Silicate System - A Wide Mineralized Zone Flanking Isguiz, and Outside\nthe Current Resource Estimate (see Figures 2 and 5) - Additional\nMineralization Around Isguiz and in Other Structures\n\nRelevance for Near-Term Mine Resource Planning: Drilling has identified\nsilver-lead-zinc mineralization flanking both sides of the Isguiz vein, in\nzones wider than Isguiz vein mineralization. This material sits outside\nMallay's current Mineral Resource Estimate and adjacent to development planned\nover the next three years. The calc-silicate system will be assessed for\ninclusion in future updates to the Mallay geological and resource models and,\nwhere grade and continuity permit, into future mine planning. Calc-silicate\nzones, by association, are drilled with each hole targeting the Isguiz Vein\nstructure. Leading intercepts from this system, excluding the higher-grade\nIsguiz core, include:\n* MLL26-006: 11.4 m @ 69 g/t Ag, 5.43% Zn, 1.32% Pb (267 g/t AgEq) -\ncontiguous to Isguiz Vein - the widest calc-silicate intercept returned\nto-date.\n* MLL26-005: 7.7 m @ 50 g/t Ag, 1.99% Zn, 0.78% Pb (129 g/t AgEq) - including\n0.75 m @ 184 g/t Ag, 5.78% Zn, 2.87% Pb (428 g/t AgEq), of calc-silicate\nmineralization, passing directly into 6.65 m of the Isguiz vein grading 97 g/t\nAg, 2.97% Zn, 2.10% Pb (237 g/t AgEq) - over 14 m of continuous\nmineralization.\nThe 15 holes reported in this release were drilled from two underground drill\nchambers on the 4090 level and tested Clavos 3 and 6, the two mineralized\nshoots that are important for near-term mine planning. The objective is to\nconfirm mineralization grade and width ahead of development, and to test\ncontinuity of the vein and contiguous mineralization below the current lowest\noperating level. A plan view of drill hole locations and section lines is\nshown in Figures 3 and 5.\n\nShawn Howarth, President and Chief Executive Officer, commented: \"Our priority\nat Mallay is to establish deeper access where we expect to transition toward\nmore productive, mechanized mining. These results support our planning for\ndeeper development at Mallay by confirming grade and width continuity below\nthe 4090 Level. Just as importantly, we are intersecting additional\nsilver-lead-zinc mineralization outside our current resource and alongside\ndevelopment we already plan to undertake. The opportunity is to expand the\nresource base around the areas we are already working to access, with further\ndrilling and evaluation determining its potential contribution to future mine\nplans.\"\n\n(https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_002full.jpg)\n\nFigure 1: 2026 Drill Program - Longitudinal Projection of the Isguiz Vein\nShowing 2026 Drill Intercepts (Looking East).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_002full.jpg\n\n(https://images.newsfilecorp.com/files/1601/315146_excfig209202026.jpg)\n\nFigure 2: Calc-Silicate (CCS) Alteration: Surrounding Isguiz Vein\nMineralization (Looking East).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_excfig209202026.jpg\n\n(https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_005full.jpg)\n\nFigure 3: Plan view of reported 2026 drill holes and underground workings,\nshowing section lines A-A′ and B-B′.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_005full.jpg\n\n(https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_006full.jpg)\n\nFigure 4: Section A-A′ showing selected drill intersections and the\ninterpreted Isguiz, Maria and Maricruz vein systems.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_006full.jpg\n\n(https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_007full.jpg)\n\nFigure 5: Section B-B′ showing Isguiz and adjacent Calc-silicate\nmineralization in holes MLL26-004, MLL26-005 and MLL26-006.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_007full.jpg\n\nOngoing Exploration - Step-Out Drill Targets Defined, Drilling Underway\n\nDrilling continues across four priority step-out targets over the next six\nmonths. The program is designed to move sequentially outward from areas\nalready drilled, into adjacent structures that have not been drill-tested in\nthe current program (see Figure 6). The area now being tested below the Isguiz\nvein extends approximately 700 metres along strike and 400 metres down-dip and\nencompasses the down-plunge projections of Clavos 2, 3, 6 and continues\nsouthward to Clavo 5. Step-out drilling also includes the Rosa vein system,\ninterpreted as a potential structural equivalent of Isguiz on the western limb\nof the Mallay anticline.\n\n Priority                            Description                                                                                                                                                                        Estimated Drilling  Progress                                  \n Deep Drilling / Downhole EM (DHEM)  Test for conductive mineralized structures approximately 600 metres below the Mallay mine operation, using downhole electromagnetic surveying to guide additional hole placement.  1,500 metres        Drilling underway.                        \n Rosa Vein System                    A parallel vein system hosted at the same formational contact as Isguiz, located on the western limb of the Mallay anticline.                                                      2,000 metres        Drilling underway.                        \n Pierina and Periclinal              Test extensions to historically mined gold and silver vein systems to the East and North of Isguiz.                                                                                2,500 metres        To start on completion of DHEM drilling.  \n Isguiz Extensions to the South      Additional clavos (mineralized shoots) along the Isguiz structure, extending Isguiz vein system to the south.                                                                      2,000 metres        On completion of Rosa Vein drilling.      \n\n \n\n(https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_008full.jpg)\n\nFigure 6: Mallay priority step-out drill targets and existing underground\ninfrastructure.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_008full.jpg\n\n2026 Isguiz Drill Results\n\nTable 1: Isguiz Drill Results, MLL26-001 to MLL26-015\n\n Drill Hole         From (m)  To (m)  Interval (m)  Lithology                                 Au (g/t)  Ag (g/t)  Pb (%)  Zn (%)  AgEq (g/t)  \n MLL26-001          178.6     180.4   1.8           Isguiz                                    0.03      39        1.52    2.59    154         \n MLL26-002          209.1     215.9   6.8           Isguiz                                    0.12      97        1.21    2.29    195         \n MLL26-002   incl.  213.8     215.4   1.6           Isguiz                                    0.27      243       2.7     2.97    396         \n MLL26-003          204       214.5   10.5          CCS Footwall                              0.06      40        0.67    1.68    107         \n MLL26-003          214.5     217.6   3.1           Isguiz                                    0.31      113       2.94    4.25    311         \n MLL26-003          226.1     230     3.9           CCS Hangingwall                           0.69      96        1.02    2.12    185         \n MLL26-003   incl   228.1     229     0.9           CCS Hangingwall                           2.58      232       1.59    3.36    372         \n MLL26-004          201.2     213.8   12.55         Isguiz                                    0.46      96        0.65    2.18    178         \n MLL26-004   incl   201.2     207.3   6.1           Isguiz                                    0.26      78        0.43    3.2     187         \n MLL26-004   incl   207.3     211.3   4             Isguiz                                    0.97      166       1.2     1.37    236         \n MLL26-005          178       181.9   3.85          Mineralized structure                     0.11      49        0.15    0.23    60          \n MLL26-005          181.9     189.6   7.7           CCS Footwall                              0.08      50        0.78    1.99    129         \n MLL26-005   incl   188.8     189.6   0.75          CCS Footwall                              0.11      184       2.87    5.78    428         \n MLL26-005          189.6     196.2   6.65          Isguiz                                    0.25      97        2.1     2.97    237         \n MLL26-005   incl   191.6     195.6   4             Isguiz                                    0.39      139       2.74    3.47    309         \n MLL26-006          32.2      33.5    1.3           Sandstone                                 0.11      169       3.03    1.04    270         \n MLL26-006          38.4      39.3    0.85          Sandstone                                 0.16      436       6.98    0.13    600         \n MLL26-006          180.8     182.7   1.9           Isguiz                                    0.04      20        0.14    2.61    104         \n MLL26-006          182.7     194.1   11.4          CCS Hangingwall                           0.18      69        1.32    5.43    267         \n MLL26-007          180.3     182.3   2.05          Isguiz                                    0.12      74        0.46    0.89    112         \n MLL26-007          188.5     192.4   3.85          CCS Hangingwall                           0.41      84        0.64    2.83    186         \n MLL26-007          192.4     204.4   12            CCS Hangingwall                           0.15      54        0.83    2.71    157         \n MLL26-007   incl.  201.7     204.4   2.65          CCS Hangingwall                           0.14      83        2.35    4.48    275         \n MLL26-008          163.3     165.7   2.4           CCS Footwall                              0.31      74        0.75    1.6     140         \n MLL26-008          192.7     194.3   1.6           Isguiz                                    0.03      39        0.51    1.32    91          \n MLL26-009          189.4     194.2   4.8           Mineralized structure                     0.25      43        0.42    0.57    70          \n MLL26-009   incl.  192.5     194.2   1.7           Mineralized structure                     0.57      75        0.87    1.19    132         \n MLL26-009          274.9     280.3   5.45          CCS Footwall                              0.17      45        0.52    0.97    87          \n MLL26-009          280.3     284.3   4             Isguiz                                    0.43      138       1.04    3.8     279         \n MLL26-009          284.3     287.1   2.75          Limestone                                 0.15      118       3.33    4.53    334         \n MLL26-010          288.1     293.1   5             Isguiz + CCS contacts                     0.44      255       3.02    2.39    398         \n MLL26-010   incl   288.7     292.1   3.4           Isguiz                                    0.54      290       4.33    3.43    495         \n MLL26-011          100.2     104.5   4.3           Sandstone                                 0.16      47        0.99    0.47    84          \n MLL26-011   incl   103.5     104.5   1             Sandstone                                 0.63      92        1.91    0.05    137         \n MLL26-011          219.5     220.35  0.85          Maricruz vein                             0.25      111       2.61    2.95    262         \n MLL26-011          284.6     286.45  1.85          Sandstone                                 0.24      114       1.23    0.78    166         \n MLL26-011   incl   284.6     285.6   1             Sandstone                                 0.38      197       2.19    1.29    287         \n MLL26-011          288.3     293.3   5             Sandstone                                 0.06      95        0.22    0.08    102         \n MLL26-011   incl   291.4     293.3   1.9           Sandstone                                 0.06      188       0.39    0.13    201         \n MLL26-011          301.6     302.5   0.9           Sandstone                                 0.30      187       1.09    0.14    216         \n MLL26-011          305.7     316.8   11.1          Sandstone + Maria vein                    0.11      85        0.65    0.47    115         \n MLL26-011   incl   307.65    309.95  2.3           Mineralized structure                     0.86      248       1.74    0.86    314         \n MLL26-011   incl   311.4     315.2   3.8           Sandstone                                 0.27      72        0.61    0.61    105         \n MLL26-011          353.4     354.85  1.45          Sandstone                                 0.33      192       1.32    0.82    248         \n MLL26-013          194.1     204.9   10.8          Sandstone + mineralized structure + vein  0.42      77        0.67    1.43    136         \n MLL26-013   incl   194.1     195.15  1.05          Mineralized structure                     0.40      118       0.70    0.72    156         \n MLL26-013   incl   196.65    200.35  3.7           Mineralized structure                     0.59      90        0.96    3.29    213         \n MLL26-013   incl   203       204.1   1.1           Vein                                      1.35      244       1.90    1.44    332         \n MLL26-013          285.15    286.05  0.9           Sandstone / CCS Footwall                  0.50      428       2.46    3.70    598         \n MLL26-012          59.6      60.2    0.6           Sandstone                                 0.14      113       0.09    0.10    118         \n MLL26-014          213.45    217.2   3.75          Mineralized structure + CCS Footwall      0.03      67        1.19    1.76    148         \n MLL26-014   incl   213.45    215.8   2.35          Mineralized structure + CCS Footwall      0.02      99        1.73    2.56    217         \n MLL26-014          235.5     242.1   6.6           Mineralized structure + sandstone         0.05      34        0.18    0.23    45          \n MLL26-014   incl   236.35    237.95  1.6           Mineralized structure                     0.07      59        0.25    0.17    70          \n MLL26-014   incl   240.5     242.1   1.6           Sandstone                                 0.05      37        0.35    0.62    64          \n MLL26-014          254.95    259.7   4.75          Mineralized structure + Isguiz            0.18      69        1.09    1.51    141         \n MLL26-014   incl   254.95    258.1   3.15          Mineralized structure                     0.11      82        1.07    0.96    136         \n MLL26-014   incl   258.1     259.7   1.6           Isguiz                                    0.22      45        1.13    2.58    151         \n MLL26-015          182       184.7   2.7           Mineralized structure                     0.02      28        0.81    5.08    203         \n MLL26-015          211       222.7   11.7          Mineralized structure + sandstone         0.19      65        0.85    2.66    166         \n MLL26-015   incl   211       218.4   7.4           Sandstone                                 0.10      23        0.34    1.17    66          \n MLL26-015   incl   218.4     222.7   4.3           Mineralized structure                     0.35      137       1.72    5.22    337         \n MLL26-015          241.65    243.2   1.55          Mineralized structure                     0.34      105       0.82    0.98    154         \n MLL26-015          274.2     274.9   0.7           Isguiz                                    0.06      76        4.58    7.06    398         \n\n \n\nIntervals logged as CCS Footwall and CCS Hangingwall are calc-silicate-hosted\nmineralization flanking the Isguiz vein, in sandstone and limestone\nlithologies respectively.\n\nAll intervals are reported as drill core lengths. True widths vary as holes\nare drilled in fans from underground drill chambers but generally approximate\n80% of core length. Silver-equivalent (AgEq) is calculated with prices used in\nthe February 2026 Mallay Mineral Resource Estimate (US$30/oz Ag, US$1.00/lb Pb\nand US$1.35/lb Zn). Gold is not included and metallurgical recoveries are not\napplied. AgEq is provided for comparative purposes only.\n\nQualified Person\n\nThe technical information herein has been reviewed and approved by William\nMcGuinty (P. Geo.), a Qualified Person as defined by National Instrument\n43-101. Mr. McGuinty is a consultant and technical advisor to Excellon.\n\nSample Management\n\nCore is collected by the drill contractor and placed in plastic core boxes of\n1 m length, strapped and delivered from the drill location to the core logging\nfacility. Upon entry, box numbers and metreage blocks are checked for errors.\nBoth core and geotechnical logging are undertaken using industry standard\nlogging software. During logging, and within the range of sampled intervals,\npieces of the core are weighed by immersion method to obtain density values\nand subsequently replaced.\n\nFor sampling, the core logger traces a cut line on the core at the top of the\nbedding ellipsoid, and sample intervals are marked using a sample boundary\nline and directional arrows. Core intervals are marked in a range between 0.5\nm to 1.0 m, respecting important contacts. In the cutting room, each interval\nof core is cut using a diamond-bladed circular saw along the cut line within\nthe sample interval. The two sides of the cut core are replaced in the box in\ntheir original position. The core is returned to the core logger who affixes\nthe sample number at the centre of the appropriate sample interval and removes\nthe 'top' half of the cut core to a sample bag marked with the sample tag\nnumber and inserts a second identically numbered sample tag in the bag and\nalso marks the bag. At this time, Quality Control and Quality Assurance\nsamples are entered into the sample stream. A blank, duplicate or mineral\nstandard is inserted into the sample stream at a rate of 1 in every 10 samples\nto be submitted.\n\nThe Mallay analytical lab is currently preparing all Mallay samples for assay.\nAt the lab, incoming samples are recorded, dried and crushed using a jaw\ncrusher. A 250 gram aliquot is split and pulverized to the size standard\nrequired by the external analytical lab. Coarse reject samples are marked and\nstored, and prepared pulps are packaged for shipment using their original\nsample tags. QA/QC samples requiring crushing and pulverizing are prepared at\nthe Mallay lab.\n\nSamples are sent to, and analyzed, in Lima, Peru by ALS Global using their\nAA-Au24 and Me-ICP61b methods. Silver results exceeding the upper detection\nlimit of the Me-ICP61b method are re-assayed using the Ag-GRA21 gravimetric\nmethod. Assay results are only reported once certified results are received\nand after internal QA/QC procedures have been reviewed.\n\nTable 2 - Location of Reported Holes\n\n Drill Hole  Project      Azimuth  Dip      Length  Easting  Northing  Elevation  \n                          degrees  degrees  metres                                \n MLL26-001   Mallay mine  102      -14      217     296422   8817528   4096       \n MLL26-002   Mallay mine  108      -30      250     296422   8817528   4094       \n MLL26-003   Mallay mine  105      -33      260     296422   8817528   4094       \n MLL26-004   Mallay mine  92       -40      261     296421   8817530   4094       \n MLL26-005   Mallay mine  87       -31      241     296420   8817530   4094       \n MLL26-006   Mallay mine  75       -20      223     296420   8817530   4094       \n MLL26-007   Mallay mine  57       -11      238     296420   8817531   4095       \n MLL26-008   Mallay mine  80       -14      240     296420   8817530   4095       \n MLL26-009   Mallay mine  52       -32      400     296321   8817644   4099       \n MLL26-010   Mallay mine  52       -27      330     296321   8817644   4099       \n MLL26-011   Mallay mine  52       -70      420     296321   8817644   4099       \n MLL26-012   Mallay mine  120      -58      434     296417   8817529   4095       \n MLL26-013   Mallay mine  51       -29      320     296321   8817644   4099       \n MLL26-014   Mallay mine  65       -23      288     296321   8817644   4099       \n MLL26-015   Mallay mine  58       -31      300     296321   8817644   4099       \n\n \n\nDrill hole collar position, dip and azimuth are surveyed by Mallay Mine\nsurveyors\n\nCautionary Note Regarding Mineral Resources and Exploration Results\n\nThe Company has not completed a preliminary economic assessment,\npre-feasibility study or feasibility study on the Mallay Mine and has not\ndemonstrated the economic viability of a restart of mining operations. The\nCompany's decision to restart and to advance development at Mallay is not\nbased on a technical study of mineral reserves demonstrating economic and\ntechnical viability, and as a result there is increased uncertainty and\nmultiple technical and economic risks of failure associated with the restart.\nReferences in this news release to mine planning, development and mining\nmethods describe the Company's current plans and expectations and do not\nconstitute a production decision or production guidance.\n\nDrill results disclosed in this news release are exploration results and are\nnot mineral resources or mineral reserves. The Company has not disclosed\nmineral reserves at Mallay, and mineral resources that are not mineral\nreserves do not have demonstrated economic viability. Calc-silicate-hosted\nmineralization described in this news release is not included in the Mallay\nmineral resource estimate, and there is no assurance that it will be included\nin any future mineral resource estimate or that it will prove to be\neconomically mineable. Information regarding mineral resources at Mallay is\nset out in the technical report prepared by SGS Geological Services with an\neffective date of February 18, 2026, available under the Company's profile on\nSEDAR+.\n\nAbout Excellon Resources Inc.\n\nExcellon Resources is focused on advancing the restart of its fully permitted,\npast-producing Mallay Silver-Lead-Zinc Mine in Peru, positioning the Company\nas a near-term silver producer. Following its February 2026 independent\nmineral resource estimate at Mallay, Excellon is advancing restart planning\nand near-mine growth, while also advancing the adjacent Tres Cerros\nGold-Silver Exploration Property in Peru. The Company also holds the Kilgore\nProject, an advanced gold exploration project in Idaho, and the Silver City\nProject, a high-grade epithermal silver district in Saxony, Germany.\nAdditional details on Excellon's properties can be found at\nwww.excellonresources.com.\n\nFor Further Information, Please Contact:\n\nExcellon Resources Inc.\nShawn Howarth, President & Chief Executive Officer\ninfo@excellonresources.com\n\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS\n\nAll statements, other than statements of historical fact, contained,\nreferenced or incorporated by reference in this news release constitute\n\"forward-looking statements\" and \"forward-looking information\" (collectively,\n\"forward-looking statements\") within the meaning of applicable Canadian and\nUnited States securities legislation. Generally, these forward-looking\nstatements can be identified by the use of forward-looking terminology such as\n\"advance\", \"anticipated\", \"believe\", \"continue\", \"expect\", \"focused\",\n\"future\", \"may\", \"opportunity\", \"plan\", \"potential\", \"subject to\", \"will\", and\nsimilar expressions intended to identify forward-looking statements.\n\nForward-looking statements in this news release include, but are not limited\nto, statements regarding: the completion, scope, timing, cost and results of\nthe 2026 drill program at Mallay, including the number of metres to be drilled\nand the targets to be tested; the timing of receipt and disclosure of pending\nassay results; the interpretation of drill results and the continuity of grade\nand width of the Isguiz vein below the 4090 Level; the extent, continuity,\ngrade and potential economic significance of calc-silicate-hosted\nmineralization flanking the Isguiz vein; the incorporation of drill results\ninto the Mallay geological and mineral resource models and into future mine\nplanning; the timing and content of an updated mine plan and schedule for\nMallay, including the Company's expectation of completing such a plan by\nyear-end 2026; the timing of any future mineral resource estimate update; the\nability to access and mine mineralized material below the 4090 Level; the\ntiming and completion of rehabilitation of the 400 Ramp and the Company's\nplanned transition to more productive, mechanized mining methods; the results\nof downhole electromagnetic surveying and the targeting of deeper and offset\nstructures; the extent of the area being tested by step-out drilling and the\ninterpretation of the Rosa vein system as a potential structural equivalent of\nthe Isguiz vein; the potential of the Veta María, Veta Rosa, Pierina and\nPericlinal structures and of Clavo 5 and Clavo 8; the requirement for, and\ntiming of, additional underground development and drill chamber construction\nto access planned drill platforms; and the Company's broader strategic\nobjectives at Mallay and across its portfolio.\n\nAlthough the Company believes that such statements are reasonable, it can give\nno assurance that such expectations will prove to be correct, and any\nforward-looking statements by the Company are not guarantees of future\nactions, results or performance. Forward-looking statements are based on\nassumptions, estimates, expectations and opinions, which are considered\nreasonable and represent the Company's best judgment based on available facts\nas of the date such statements are made. If such assumptions, estimates,\nexpectations or opinions prove to be incorrect, actual and future results may\nbe materially different from those expressed or implied in the forward-looking\nstatements.\n\nForward-looking statements are inherently subject to known and unknown risks,\nuncertainties, contingencies and other factors that may cause actual results\nor performance to differ materially from those expressed or implied by such\nforward-looking statements. Such factors include, among others: risks relating\nto the interpretation and application of the technical report and mineral\nresource estimate; risks that mineral resources are not mineral reserves and\ndo not have demonstrated economic viability; risks relating to the Company's\nability to restart operations at Mallay on the timeline anticipated or at all;\nrisks related to exploration, development and mining activities in Peru,\nincluding operational, technical, permitting, environmental, community,\npolitical and economic risks; risks relating to commodity prices, capital\nrequirements, availability of financing, and general market conditions; risks\nrelating to the performance by third-party contractors and consultants; risks\nrelating to the reliability of sampling, assaying and quality control\nprocedures; and the risks, uncertainties and other factors described in the\nCompany's management's discussion and analysis for the year ended December 31,\n2025, and the Company's other continuous disclosure filings available under\nthe Company's profile on SEDAR+.\n\nThe forward-looking statements contained in this news release are made as of\nthe date hereof, and the Company disclaims any obligation to update or revise\nany forward-looking statements, whether as a result of new information, future\nevents or results or otherwise, except as required by applicable law.\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/315146","article_body_html":"","raw_payload":{"data":{"id":"nNFC8gdy7P-20260921","title":"Excellon Drilling Confirms Grade and Width Below the 4090 Level at Mallay Silver Mine","author":"Newsfile Corp","ticker":"EXN","created":"2026-09-21T11:00:25.940Z","tickers":["EXN"],"exchange":"","article_body":"Wide mineralized zones outside the current resource highlight potential\nresource growth alongside planned mine development.\n\nToronto, Ontario--(Newsfile Corp. - September 21, 2026) - Excellon Resources\nInc. (TSXV: EXN) (OTCQB: EXNRF) (FSE: E4X2) (\"Excellon\" or the \"Company\") is\npleased to report results from the ongoing drill program at its 100%-owned\nMallay Silver-Lead-Zinc Mine (\"Mallay\") in central Peru. Results from the\nIsguiz vein confirm grade and width continuity below the 4090 Level,\nsupporting planning for deeper mine development. Drilling has also intersected\nwide zones of silver-lead-zinc mineralization on both sides of Isguiz, outside\nthe current Mineral Resource Estimate and immediately adjacent to development\nalready planned for the vein. Drill results reported herein cover 15 holes\ntotalling approximately 4,400 metres. The Company has drilled approximately\n9,000 metres to-date and has transitioned to drilling high-priority step-out\ntargets for which assays are pending or which will be reported separately.\n\nHighlights:\n\nIsguiz Vein - High-Grade Core, Grade and Width Continuity Below the 4090 Level\n(see Figures 1, 3, and 4)\n\nRelevance for Near-Term Mine Planning: Results will inform development, mine\nplanning and scheduling below the 4090 Level, where the Company is planning a\ntransition to more productive, mechanized mining. Rehabilitation of the 400\nRamp, the primary access to this area, is underway and the Company expects to\nincorporate these results into an updated mine plan and schedule targeted for\nyear-end.\n* MLL26-010: 5.00 m @ 255 g/t Ag, 2.39% Zn and 3.02% Pb (398 g/t AgEq),\nincluding 3.40 m @ 290 g/t Ag, 3.43% Zn and 4.33% Pb (495 g/t AgEq) -\nhighest-grade Isguiz intercept returned to-date, confirming strong grade and\nwidth continuity in Clavo 6.\n* MLL26-004: 12.55 m @ 96 g/t Ag, 2.18% Zn, 0.65% Pb (178 g/t AgEq), including\n4.00 m @ 166 g/t Ag, 1.37% Zn, 1.20% Pb (236 g/t AgEq) - this intercept\nprovides depth continuity below the 4090 Level.\n* MLL26-011: 2.3 m @ 248 g/t Ag, 0.86% Zn, 1.74% Pb (314 g/t AgEq) -\nintersected in the Maria vein, a structure in the footwall of the Isguiz vein,\napproximately 280 m below the 4090 Level, within a broader 11.1 m interval\ngrading 115 g/t AgEq - the deepest mineralization returned in the program thus\nfar.\n* MLL26-009: 4.00 m @ 138 g/t Ag, 3.80% Zn, 1.04% Pb (279 g/t AgEq) - Isguiz\nvein intersected approximately 140 m below 4090 Level, flanked by 5.45 m of\nfootwall calc-silicate mineralization (87 g/t AgEq) and 2.75 m of hangingwall\nmineralization grading 118 g/t Ag, 4.53% Zn, 3.33% Pb (334 g/t AgEq).\n* MLL26-015: 4.30 m @ 137 g/t Ag, 5.22% Zn, 1.72% Pb (337 g/t AgEq), within a\nwider 11.7 m interval grading 166 g/t AgEq. The hole also intersected 0.7 m of\nthe Isguiz vein grading 76 g/t Ag, 7.06% Zn and 4.58% Pb (398 g/t AgEq).\nCalc-Silicate System - A Wide Mineralized Zone Flanking Isguiz, and Outside\nthe Current Resource Estimate (see Figures 2 and 5) - Additional\nMineralization Around Isguiz and in Other Structures\n\nRelevance for Near-Term Mine Resource Planning: Drilling has identified\nsilver-lead-zinc mineralization flanking both sides of the Isguiz vein, in\nzones wider than Isguiz vein mineralization. This material sits outside\nMallay's current Mineral Resource Estimate and adjacent to development planned\nover the next three years. The calc-silicate system will be assessed for\ninclusion in future updates to the Mallay geological and resource models and,\nwhere grade and continuity permit, into future mine planning. Calc-silicate\nzones, by association, are drilled with each hole targeting the Isguiz Vein\nstructure. Leading intercepts from this system, excluding the higher-grade\nIsguiz core, include:\n* MLL26-006: 11.4 m @ 69 g/t Ag, 5.43% Zn, 1.32% Pb (267 g/t AgEq) -\ncontiguous to Isguiz Vein - the widest calc-silicate intercept returned\nto-date.\n* MLL26-005: 7.7 m @ 50 g/t Ag, 1.99% Zn, 0.78% Pb (129 g/t AgEq) - including\n0.75 m @ 184 g/t Ag, 5.78% Zn, 2.87% Pb (428 g/t AgEq), of calc-silicate\nmineralization, passing directly into 6.65 m of the Isguiz vein grading 97 g/t\nAg, 2.97% Zn, 2.10% Pb (237 g/t AgEq) - over 14 m of continuous\nmineralization.\nThe 15 holes reported in this release were drilled from two underground drill\nchambers on the 4090 level and tested Clavos 3 and 6, the two mineralized\nshoots that are important for near-term mine planning. The objective is to\nconfirm mineralization grade and width ahead of development, and to test\ncontinuity of the vein and contiguous mineralization below the current lowest\noperating level. A plan view of drill hole locations and section lines is\nshown in Figures 3 and 5.\n\nShawn Howarth, President and Chief Executive Officer, commented: \"Our priority\nat Mallay is to establish deeper access where we expect to transition toward\nmore productive, mechanized mining. These results support our planning for\ndeeper development at Mallay by confirming grade and width continuity below\nthe 4090 Level. Just as importantly, we are intersecting additional\nsilver-lead-zinc mineralization outside our current resource and alongside\ndevelopment we already plan to undertake. The opportunity is to expand the\nresource base around the areas we are already working to access, with further\ndrilling and evaluation determining its potential contribution to future mine\nplans.\"\n\n(https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_002full.jpg)\n\nFigure 1: 2026 Drill Program - Longitudinal Projection of the Isguiz Vein\nShowing 2026 Drill Intercepts (Looking East).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_002full.jpg\n\n(https://images.newsfilecorp.com/files/1601/315146_excfig209202026.jpg)\n\nFigure 2: Calc-Silicate (CCS) Alteration: Surrounding Isguiz Vein\nMineralization (Looking East).\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_excfig209202026.jpg\n\n(https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_005full.jpg)\n\nFigure 3: Plan view of reported 2026 drill holes and underground workings,\nshowing section lines A-A′ and B-B′.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_005full.jpg\n\n(https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_006full.jpg)\n\nFigure 4: Section A-A′ showing selected drill intersections and the\ninterpreted Isguiz, Maria and Maricruz vein systems.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_006full.jpg\n\n(https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_007full.jpg)\n\nFigure 5: Section B-B′ showing Isguiz and adjacent Calc-silicate\nmineralization in holes MLL26-004, MLL26-005 and MLL26-006.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_007full.jpg\n\nOngoing Exploration - Step-Out Drill Targets Defined, Drilling Underway\n\nDrilling continues across four priority step-out targets over the next six\nmonths. The program is designed to move sequentially outward from areas\nalready drilled, into adjacent structures that have not been drill-tested in\nthe current program (see Figure 6). The area now being tested below the Isguiz\nvein extends approximately 700 metres along strike and 400 metres down-dip and\nencompasses the down-plunge projections of Clavos 2, 3, 6 and continues\nsouthward to Clavo 5. Step-out drilling also includes the Rosa vein system,\ninterpreted as a potential structural equivalent of Isguiz on the western limb\nof the Mallay anticline.\n\n Priority                            Description                                                                                                                                                                        Estimated Drilling  Progress                                  \n Deep Drilling / Downhole EM (DHEM)  Test for conductive mineralized structures approximately 600 metres below the Mallay mine operation, using downhole electromagnetic surveying to guide additional hole placement.  1,500 metres        Drilling underway.                        \n Rosa Vein System                    A parallel vein system hosted at the same formational contact as Isguiz, located on the western limb of the Mallay anticline.                                                      2,000 metres        Drilling underway.                        \n Pierina and Periclinal              Test extensions to historically mined gold and silver vein systems to the East and North of Isguiz.                                                                                2,500 metres        To start on completion of DHEM drilling.  \n Isguiz Extensions to the South      Additional clavos (mineralized shoots) along the Isguiz structure, extending Isguiz vein system to the south.                                                                      2,000 metres        On completion of Rosa Vein drilling.      \n\n \n\n(https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_008full.jpg)\n\nFigure 6: Mallay priority step-out drill targets and existing underground\ninfrastructure.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_008full.jpg\n\n2026 Isguiz Drill Results\n\nTable 1: Isguiz Drill Results, MLL26-001 to MLL26-015\n\n Drill Hole         From (m)  To (m)  Interval (m)  Lithology                                 Au (g/t)  Ag (g/t)  Pb (%)  Zn (%)  AgEq (g/t)  \n MLL26-001          178.6     180.4   1.8           Isguiz                                    0.03      39        1.52    2.59    154         \n MLL26-002          209.1     215.9   6.8           Isguiz                                    0.12      97        1.21    2.29    195         \n MLL26-002   incl.  213.8     215.4   1.6           Isguiz                                    0.27      243       2.7     2.97    396         \n MLL26-003          204       214.5   10.5          CCS Footwall                              0.06      40        0.67    1.68    107         \n MLL26-003          214.5     217.6   3.1           Isguiz                                    0.31      113       2.94    4.25    311         \n MLL26-003          226.1     230     3.9           CCS Hangingwall                           0.69      96        1.02    2.12    185         \n MLL26-003   incl   228.1     229     0.9           CCS Hangingwall                           2.58      232       1.59    3.36    372         \n MLL26-004          201.2     213.8   12.55         Isguiz                                    0.46      96        0.65    2.18    178         \n MLL26-004   incl   201.2     207.3   6.1           Isguiz                                    0.26      78        0.43    3.2     187         \n MLL26-004   incl   207.3     211.3   4             Isguiz                                    0.97      166       1.2     1.37    236         \n MLL26-005          178       181.9   3.85          Mineralized structure                     0.11      49        0.15    0.23    60          \n MLL26-005          181.9     189.6   7.7           CCS Footwall                              0.08      50        0.78    1.99    129         \n MLL26-005   incl   188.8     189.6   0.75          CCS Footwall                              0.11      184       2.87    5.78    428         \n MLL26-005          189.6     196.2   6.65          Isguiz                                    0.25      97        2.1     2.97    237         \n MLL26-005   incl   191.6     195.6   4             Isguiz                                    0.39      139       2.74    3.47    309         \n MLL26-006          32.2      33.5    1.3           Sandstone                                 0.11      169       3.03    1.04    270         \n MLL26-006          38.4      39.3    0.85          Sandstone                                 0.16      436       6.98    0.13    600         \n MLL26-006          180.8     182.7   1.9           Isguiz                                    0.04      20        0.14    2.61    104         \n MLL26-006          182.7     194.1   11.4          CCS Hangingwall                           0.18      69        1.32    5.43    267         \n MLL26-007          180.3     182.3   2.05          Isguiz                                    0.12      74        0.46    0.89    112         \n MLL26-007          188.5     192.4   3.85          CCS Hangingwall                           0.41      84        0.64    2.83    186         \n MLL26-007          192.4     204.4   12            CCS Hangingwall                           0.15      54        0.83    2.71    157         \n MLL26-007   incl.  201.7     204.4   2.65          CCS Hangingwall                           0.14      83        2.35    4.48    275         \n MLL26-008          163.3     165.7   2.4           CCS Footwall                              0.31      74        0.75    1.6     140         \n MLL26-008          192.7     194.3   1.6           Isguiz                                    0.03      39        0.51    1.32    91          \n MLL26-009          189.4     194.2   4.8           Mineralized structure                     0.25      43        0.42    0.57    70          \n MLL26-009   incl.  192.5     194.2   1.7           Mineralized structure                     0.57      75        0.87    1.19    132         \n MLL26-009          274.9     280.3   5.45          CCS Footwall                              0.17      45        0.52    0.97    87          \n MLL26-009          280.3     284.3   4             Isguiz                                    0.43      138       1.04    3.8     279         \n MLL26-009          284.3     287.1   2.75          Limestone                                 0.15      118       3.33    4.53    334         \n MLL26-010          288.1     293.1   5             Isguiz + CCS contacts                     0.44      255       3.02    2.39    398         \n MLL26-010   incl   288.7     292.1   3.4           Isguiz                                    0.54      290       4.33    3.43    495         \n MLL26-011          100.2     104.5   4.3           Sandstone                                 0.16      47        0.99    0.47    84          \n MLL26-011   incl   103.5     104.5   1             Sandstone                                 0.63      92        1.91    0.05    137         \n MLL26-011          219.5     220.35  0.85          Maricruz vein                             0.25      111       2.61    2.95    262         \n MLL26-011          284.6     286.45  1.85          Sandstone                                 0.24      114       1.23    0.78    166         \n MLL26-011   incl   284.6     285.6   1             Sandstone                                 0.38      197       2.19    1.29    287         \n MLL26-011          288.3     293.3   5             Sandstone                                 0.06      95        0.22    0.08    102         \n MLL26-011   incl   291.4     293.3   1.9           Sandstone                                 0.06      188       0.39    0.13    201         \n MLL26-011          301.6     302.5   0.9           Sandstone                                 0.30      187       1.09    0.14    216         \n MLL26-011          305.7     316.8   11.1          Sandstone + Maria vein                    0.11      85        0.65    0.47    115         \n MLL26-011   incl   307.65    309.95  2.3           Mineralized structure                     0.86      248       1.74    0.86    314         \n MLL26-011   incl   311.4     315.2   3.8           Sandstone                                 0.27      72        0.61    0.61    105         \n MLL26-011          353.4     354.85  1.45          Sandstone                                 0.33      192       1.32    0.82    248         \n MLL26-013          194.1     204.9   10.8          Sandstone + mineralized structure + vein  0.42      77        0.67    1.43    136         \n MLL26-013   incl   194.1     195.15  1.05          Mineralized structure                     0.40      118       0.70    0.72    156         \n MLL26-013   incl   196.65    200.35  3.7           Mineralized structure                     0.59      90        0.96    3.29    213         \n MLL26-013   incl   203       204.1   1.1           Vein                                      1.35      244       1.90    1.44    332         \n MLL26-013          285.15    286.05  0.9           Sandstone / CCS Footwall                  0.50      428       2.46    3.70    598         \n MLL26-012          59.6      60.2    0.6           Sandstone                                 0.14      113       0.09    0.10    118         \n MLL26-014          213.45    217.2   3.75          Mineralized structure + CCS Footwall      0.03      67        1.19    1.76    148         \n MLL26-014   incl   213.45    215.8   2.35          Mineralized structure + CCS Footwall      0.02      99        1.73    2.56    217         \n MLL26-014          235.5     242.1   6.6           Mineralized structure + sandstone         0.05      34        0.18    0.23    45          \n MLL26-014   incl   236.35    237.95  1.6           Mineralized structure                     0.07      59        0.25    0.17    70          \n MLL26-014   incl   240.5     242.1   1.6           Sandstone                                 0.05      37        0.35    0.62    64          \n MLL26-014          254.95    259.7   4.75          Mineralized structure + Isguiz            0.18      69        1.09    1.51    141         \n MLL26-014   incl   254.95    258.1   3.15          Mineralized structure                     0.11      82        1.07    0.96    136         \n MLL26-014   incl   258.1     259.7   1.6           Isguiz                                    0.22      45        1.13    2.58    151         \n MLL26-015          182       184.7   2.7           Mineralized structure                     0.02      28        0.81    5.08    203         \n MLL26-015          211       222.7   11.7          Mineralized structure + sandstone         0.19      65        0.85    2.66    166         \n MLL26-015   incl   211       218.4   7.4           Sandstone                                 0.10      23        0.34    1.17    66          \n MLL26-015   incl   218.4     222.7   4.3           Mineralized structure                     0.35      137       1.72    5.22    337         \n MLL26-015          241.65    243.2   1.55          Mineralized structure                     0.34      105       0.82    0.98    154         \n MLL26-015          274.2     274.9   0.7           Isguiz                                    0.06      76        4.58    7.06    398         \n\n \n\nIntervals logged as CCS Footwall and CCS Hangingwall are calc-silicate-hosted\nmineralization flanking the Isguiz vein, in sandstone and limestone\nlithologies respectively.\n\nAll intervals are reported as drill core lengths. True widths vary as holes\nare drilled in fans from underground drill chambers but generally approximate\n80% of core length. Silver-equivalent (AgEq) is calculated with prices used in\nthe February 2026 Mallay Mineral Resource Estimate (US$30/oz Ag, US$1.00/lb Pb\nand US$1.35/lb Zn). Gold is not included and metallurgical recoveries are not\napplied. AgEq is provided for comparative purposes only.\n\nQualified Person\n\nThe technical information herein has been reviewed and approved by William\nMcGuinty (P. Geo.), a Qualified Person as defined by National Instrument\n43-101. Mr. McGuinty is a consultant and technical advisor to Excellon.\n\nSample Management\n\nCore is collected by the drill contractor and placed in plastic core boxes of\n1 m length, strapped and delivered from the drill location to the core logging\nfacility. Upon entry, box numbers and metreage blocks are checked for errors.\nBoth core and geotechnical logging are undertaken using industry standard\nlogging software. During logging, and within the range of sampled intervals,\npieces of the core are weighed by immersion method to obtain density values\nand subsequently replaced.\n\nFor sampling, the core logger traces a cut line on the core at the top of the\nbedding ellipsoid, and sample intervals are marked using a sample boundary\nline and directional arrows. Core intervals are marked in a range between 0.5\nm to 1.0 m, respecting important contacts. In the cutting room, each interval\nof core is cut using a diamond-bladed circular saw along the cut line within\nthe sample interval. The two sides of the cut core are replaced in the box in\ntheir original position. The core is returned to the core logger who affixes\nthe sample number at the centre of the appropriate sample interval and removes\nthe 'top' half of the cut core to a sample bag marked with the sample tag\nnumber and inserts a second identically numbered sample tag in the bag and\nalso marks the bag. At this time, Quality Control and Quality Assurance\nsamples are entered into the sample stream. A blank, duplicate or mineral\nstandard is inserted into the sample stream at a rate of 1 in every 10 samples\nto be submitted.\n\nThe Mallay analytical lab is currently preparing all Mallay samples for assay.\nAt the lab, incoming samples are recorded, dried and crushed using a jaw\ncrusher. A 250 gram aliquot is split and pulverized to the size standard\nrequired by the external analytical lab. Coarse reject samples are marked and\nstored, and prepared pulps are packaged for shipment using their original\nsample tags. QA/QC samples requiring crushing and pulverizing are prepared at\nthe Mallay lab.\n\nSamples are sent to, and analyzed, in Lima, Peru by ALS Global using their\nAA-Au24 and Me-ICP61b methods. Silver results exceeding the upper detection\nlimit of the Me-ICP61b method are re-assayed using the Ag-GRA21 gravimetric\nmethod. Assay results are only reported once certified results are received\nand after internal QA/QC procedures have been reviewed.\n\nTable 2 - Location of Reported Holes\n\n Drill Hole  Project      Azimuth  Dip      Length  Easting  Northing  Elevation  \n                          degrees  degrees  metres                                \n MLL26-001   Mallay mine  102      -14      217     296422   8817528   4096       \n MLL26-002   Mallay mine  108      -30      250     296422   8817528   4094       \n MLL26-003   Mallay mine  105      -33      260     296422   8817528   4094       \n MLL26-004   Mallay mine  92       -40      261     296421   8817530   4094       \n MLL26-005   Mallay mine  87       -31      241     296420   8817530   4094       \n MLL26-006   Mallay mine  75       -20      223     296420   8817530   4094       \n MLL26-007   Mallay mine  57       -11      238     296420   8817531   4095       \n MLL26-008   Mallay mine  80       -14      240     296420   8817530   4095       \n MLL26-009   Mallay mine  52       -32      400     296321   8817644   4099       \n MLL26-010   Mallay mine  52       -27      330     296321   8817644   4099       \n MLL26-011   Mallay mine  52       -70      420     296321   8817644   4099       \n MLL26-012   Mallay mine  120      -58      434     296417   8817529   4095       \n MLL26-013   Mallay mine  51       -29      320     296321   8817644   4099       \n MLL26-014   Mallay mine  65       -23      288     296321   8817644   4099       \n MLL26-015   Mallay mine  58       -31      300     296321   8817644   4099       \n\n \n\nDrill hole collar position, dip and azimuth are surveyed by Mallay Mine\nsurveyors\n\nCautionary Note Regarding Mineral Resources and Exploration Results\n\nThe Company has not completed a preliminary economic assessment,\npre-feasibility study or feasibility study on the Mallay Mine and has not\ndemonstrated the economic viability of a restart of mining operations. The\nCompany's decision to restart and to advance development at Mallay is not\nbased on a technical study of mineral reserves demonstrating economic and\ntechnical viability, and as a result there is increased uncertainty and\nmultiple technical and economic risks of failure associated with the restart.\nReferences in this news release to mine planning, development and mining\nmethods describe the Company's current plans and expectations and do not\nconstitute a production decision or production guidance.\n\nDrill results disclosed in this news release are exploration results and are\nnot mineral resources or mineral reserves. The Company has not disclosed\nmineral reserves at Mallay, and mineral resources that are not mineral\nreserves do not have demonstrated economic viability. Calc-silicate-hosted\nmineralization described in this news release is not included in the Mallay\nmineral resource estimate, and there is no assurance that it will be included\nin any future mineral resource estimate or that it will prove to be\neconomically mineable. Information regarding mineral resources at Mallay is\nset out in the technical report prepared by SGS Geological Services with an\neffective date of February 18, 2026, available under the Company's profile on\nSEDAR+.\n\nAbout Excellon Resources Inc.\n\nExcellon Resources is focused on advancing the restart of its fully permitted,\npast-producing Mallay Silver-Lead-Zinc Mine in Peru, positioning the Company\nas a near-term silver producer. Following its February 2026 independent\nmineral resource estimate at Mallay, Excellon is advancing restart planning\nand near-mine growth, while also advancing the adjacent Tres Cerros\nGold-Silver Exploration Property in Peru. The Company also holds the Kilgore\nProject, an advanced gold exploration project in Idaho, and the Silver City\nProject, a high-grade epithermal silver district in Saxony, Germany.\nAdditional details on Excellon's properties can be found at\nwww.excellonresources.com.\n\nFor Further Information, Please Contact:\n\nExcellon Resources Inc.\nShawn Howarth, President & Chief Executive Officer\ninfo@excellonresources.com\n\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS\n\nAll statements, other than statements of historical fact, contained,\nreferenced or incorporated by reference in this news release constitute\n\"forward-looking statements\" and \"forward-looking information\" (collectively,\n\"forward-looking statements\") within the meaning of applicable Canadian and\nUnited States securities legislation. Generally, these forward-looking\nstatements can be identified by the use of forward-looking terminology such as\n\"advance\", \"anticipated\", \"believe\", \"continue\", \"expect\", \"focused\",\n\"future\", \"may\", \"opportunity\", \"plan\", \"potential\", \"subject to\", \"will\", and\nsimilar expressions intended to identify forward-looking statements.\n\nForward-looking statements in this news release include, but are not limited\nto, statements regarding: the completion, scope, timing, cost and results of\nthe 2026 drill program at Mallay, including the number of metres to be drilled\nand the targets to be tested; the timing of receipt and disclosure of pending\nassay results; the interpretation of drill results and the continuity of grade\nand width of the Isguiz vein below the 4090 Level; the extent, continuity,\ngrade and potential economic significance of calc-silicate-hosted\nmineralization flanking the Isguiz vein; the incorporation of drill results\ninto the Mallay geological and mineral resource models and into future mine\nplanning; the timing and content of an updated mine plan and schedule for\nMallay, including the Company's expectation of completing such a plan by\nyear-end 2026; the timing of any future mineral resource estimate update; the\nability to access and mine mineralized material below the 4090 Level; the\ntiming and completion of rehabilitation of the 400 Ramp and the Company's\nplanned transition to more productive, mechanized mining methods; the results\nof downhole electromagnetic surveying and the targeting of deeper and offset\nstructures; the extent of the area being tested by step-out drilling and the\ninterpretation of the Rosa vein system as a potential structural equivalent of\nthe Isguiz vein; the potential of the Veta María, Veta Rosa, Pierina and\nPericlinal structures and of Clavo 5 and Clavo 8; the requirement for, and\ntiming of, additional underground development and drill chamber construction\nto access planned drill platforms; and the Company's broader strategic\nobjectives at Mallay and across its portfolio.\n\nAlthough the Company believes that such statements are reasonable, it can give\nno assurance that such expectations will prove to be correct, and any\nforward-looking statements by the Company are not guarantees of future\nactions, results or performance. Forward-looking statements are based on\nassumptions, estimates, expectations and opinions, which are considered\nreasonable and represent the Company's best judgment based on available facts\nas of the date such statements are made. If such assumptions, estimates,\nexpectations or opinions prove to be incorrect, actual and future results may\nbe materially different from those expressed or implied in the forward-looking\nstatements.\n\nForward-looking statements are inherently subject to known and unknown risks,\nuncertainties, contingencies and other factors that may cause actual results\nor performance to differ materially from those expressed or implied by such\nforward-looking statements. Such factors include, among others: risks relating\nto the interpretation and application of the technical report and mineral\nresource estimate; risks that mineral resources are not mineral reserves and\ndo not have demonstrated economic viability; risks relating to the Company's\nability to restart operations at Mallay on the timeline anticipated or at all;\nrisks related to exploration, development and mining activities in Peru,\nincluding operational, technical, permitting, environmental, community,\npolitical and economic risks; risks relating to commodity prices, capital\nrequirements, availability of financing, and general market conditions; risks\nrelating to the performance by third-party contractors and consultants; risks\nrelating to the reliability of sampling, assaying and quality control\nprocedures; and the risks, uncertainties and other factors described in the\nCompany's management's discussion and analysis for the year ended December 31,\n2025, and the Company's other continuous disclosure filings available under\nthe Company's profile on SEDAR+.\n\nThe forward-looking statements contained in this news release are made as of\nthe date hereof, and the Company disclaims any obligation to update or revise\nany forward-looking statements, whether as a result of new information, future\nevents or results or otherwise, except as required by applicable law.\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/315146"},"type":"article","timestamp":"2026-09-21T11:00:25.991039979Z","server_sent_at_ms":1789988425991},"received_at":"2026-09-21T11:00:26.154Z","source_url":"https://www.newsfilecorp.com/release/315146"},"analysis":{"id":"137790","press_release_id":"148291","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["No PEA, pre-feasibility or feasibility study completed; the restart decision is not based on demonstrated mineral reserves, with elevated technical and economic risk of failure","Calc-silicate mineralization is outside the current Mineral Resource Estimate, with no assurance it will be included in future estimates or prove economically mineable","Reported intervals are drill core lengths (true widths approximate ~80% of core length); AgEq excludes gold and applies no metallurgical recoveries"],"eventType":"operations_update","narrative":"Excellon reported results from 15 underground drill holes totalling roughly 4,400 metres at its 100%-owned Mallay Silver-Lead-Zinc Mine in Peru, confirming grade and width continuity in the Isguiz vein below the 4090 Level. The best hit, MLL26-010, returned 5.00 m at 255 g/t Ag, 2.39% Zn and 3.02% Pb (398 g/t AgEq), including 3.40 m at 495 g/t AgEq — the highest-grade Isguiz intercept to date.\n\nDrilling also cut wide calc-silicate-hosted silver-lead-zinc zones flanking the Isguiz vein that sit outside the current Mineral Resource Estimate and adjacent to development planned over the next three years, led by 11.4 m grading 267 g/t AgEq in MLL26-006. The company will assess this material for inclusion in future resource and mine-plan updates.\n\nResults will feed an updated mine plan and schedule targeted for year-end 2026 as Excellon rehabilitates the 400 Ramp and transitions toward mechanized mining, with about 9,000 metres drilled to date and step-out drilling underway across four priority targets over the next six months. The restart remains unsupported by a PEA, pre-feasibility or feasibility study, so the exploration upside carries elevated technical and economic risk.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Best-to-date Isguiz intercept plus wide mineralization outside the current MRE sets up a resource-growth catalyst into Excellon's year-end mine plan update."},"keyFigures":{"customDimensions":{"best_intercept":"MLL26-010: 5.00 m @ 398 g/t AgEq, incl. 3.40 m @ 495 g/t AgEq — highest-grade Isguiz intercept to date","metres_reported":"approximately 4,400","step_out_targets":4,"drill_holes_reported":15,"agEq_price_assumptions":"US$30/oz Ag, US$1.00/lb Pb, US$1.35/lb Zn (February 2026 MRE)","deepest_mineralization":"MLL26-011 Maria vein: 2.3 m @ 314 g/t AgEq, approx. 280 m below the 4090 Level","metres_drilled_to_date":"approximately 9,000","mine_plan_update_target":"year-end 2026","step_out_metres_planned":8000,"widest_calc_silicate_intercept":"MLL26-006: 11.4 m @ 267 g/t AgEq"}},"quotedText":"These results support our planning for deeper development at Mallay by confirming grade and width continuity below the 4090 Level.","namedEntities":{"people":[{"name":"Shawn Howarth","role":"President and Chief Executive Officer"},{"name":"William McGuinty","role":"Qualified Person (P. Geo.), consultant and technical advisor to Excellon"}],"products":["Mallay Silver-Lead-Zinc Mine","Isguiz vein","Maria vein","Maricruz vein","Rosa vein system","Tres Cerros Gold-Silver Exploration Property","Kilgore Project","Silver City Project"],"companies":[{"name":"Excellon Resources Inc.","ticker":"EXN","relationship":"filer"},{"name":"ALS Global","relationship":"assay laboratory (Lima, Peru)"},{"name":"SGS Geological Services","relationship":"author of February 2026 Mallay mineral resource estimate technical report"}],"dollarAmounts":[{"amount":"US$30/oz Ag","context":"silver price assumption for AgEq calculations in the February 2026 Mallay MRE"},{"amount":"US$1.00/lb Pb","context":"lead price assumption for AgEq calculations"},{"amount":"US$1.35/lb Zn","context":"zinc price assumption for AgEq calculations"}]},"materialImpact":{"score":2,"reasoning":"Encouraging exploration results — the highest-grade Isguiz intercept to date (398 g/t AgEq over 5.00 m) plus wide calc-silicate zones outside the current MRE — support restart planning, but no resource update, PEA or feasibility study accompanies the release, keeping this incremental newsflow for a micro-cap junior."},"tickerRelevance":{"others":[{"ticker":"EXNRF","relevance":"OTCQB listing of the same issuer"},{"ticker":"E4X2","relevance":"Frankfurt listing of the same issuer"}],"primary":"EXN"},"globalImportance":18,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap TSXV junior silver miner","catalystPath":"year-end 2026 updated mine plan and future MRE updates","eventGravity":"exploration drill results; no resource update or economic study","sectorWeight":"precious/base metals — moderate retail interest","issuerAuthored":true}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":2,"narrative":"Excellon reported results from 15 underground drill holes totalling roughly 4,400 metres at its 100%-owned Mallay Silver-Lead-Zinc Mine in Peru, confirming grade and width continuity in the Isguiz vein below the 4090 Level. The best hit, MLL26-010, returned 5.00 m at 255 g/t Ag, 2.39% Zn and 3.02% Pb (398 g/t AgEq), including 3.40 m at 495 g/t AgEq — the highest-grade Isguiz intercept to date.\n\nDrilling also cut wide calc-silicate-hosted silver-lead-zinc zones flanking the Isguiz vein that sit outside the current Mineral Resource Estimate and adjacent to development planned over the next three years, led by 11.4 m grading 267 g/t AgEq in MLL26-006. The company will assess this material for inclusion in future resource and mine-plan updates.\n\nResults will feed an updated mine plan and schedule targeted for year-end 2026 as Excellon rehabilitates the 400 Ramp and transitions toward mechanized mining, with about 9,000 metres drilled to date and step-out drilling underway across four priority targets over the next six months. The restart remains unsupported by a PEA, pre-feasibility or feasibility study, so the exploration upside carries elevated technical and economic risk.","key_figures":{"customDimensions":{"best_intercept":"MLL26-010: 5.00 m @ 398 g/t AgEq, incl. 3.40 m @ 495 g/t AgEq — highest-grade Isguiz intercept to date","metres_reported":"approximately 4,400","step_out_targets":4,"drill_holes_reported":15,"agEq_price_assumptions":"US$30/oz Ag, US$1.00/lb Pb, US$1.35/lb Zn (February 2026 MRE)","deepest_mineralization":"MLL26-011 Maria vein: 2.3 m @ 314 g/t AgEq, approx. 280 m below the 4090 Level","metres_drilled_to_date":"approximately 9,000","mine_plan_update_target":"year-end 2026","step_out_metres_planned":8000,"widest_calc_silicate_intercept":"MLL26-006: 11.4 m @ 267 g/t AgEq"}},"named_entities":{"people":[{"name":"Shawn Howarth","role":"President and Chief Executive Officer"},{"name":"William McGuinty","role":"Qualified Person (P. Geo.), consultant and technical advisor to Excellon"}],"products":["Mallay Silver-Lead-Zinc Mine","Isguiz vein","Maria vein","Maricruz vein","Rosa vein system","Tres Cerros Gold-Silver Exploration Property","Kilgore Project","Silver City Project"],"companies":[{"name":"Excellon Resources Inc.","ticker":"EXN","relationship":"filer"},{"name":"ALS Global","relationship":"assay laboratory (Lima, Peru)"},{"name":"SGS Geological Services","relationship":"author of February 2026 Mallay mineral resource estimate technical report"}],"dollarAmounts":[{"amount":"US$30/oz Ag","context":"silver price assumption for AgEq calculations in the February 2026 Mallay MRE"},{"amount":"US$1.00/lb Pb","context":"lead price assumption for AgEq calculations"},{"amount":"US$1.35/lb Zn","context":"zinc price assumption for AgEq calculations"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-22T08:57:15.033Z","global_importance":18,"audience_relevance":15,"importance_components":{"tickerTier":"micro-cap TSXV junior silver miner","catalystPath":"year-end 2026 updated mine plan and future MRE updates","eventGravity":"exploration drill results; no resource update or economic study","sectorWeight":"precious/base metals — moderate retail interest","issuerAuthored":true}},"durationMs":192146,"modelName":"glm-5.3-flash"}}