Excellon Resources (EMT) investor relations material

Portfolio overview and growth strategy

• Mallay Mine in Peru is a fully permitted, past-producing underground silver-lead-zinc mine targeting restart by mid-2026, leveraging existing infrastructure and low restart CAPEX for near-term cash flow generation.

• Tres Cerros, adjacent to Mallay, is a large-scale, undrilled gold-silver target with multi-million-ounce discovery potential, supported by geochemical and geophysical anomalies.

• Additional projects include Kilgore (Idaho), with a resource of 825,000 oz Au indicated and a $275M NPV at $1,800/oz Au, and Silver City (Germany), a high-grade epithermal silver exploration project.

• Value creation is planned through partnerships, spin-outs, or transactions for non-core assets, recycling capital into core Peruvian projects.

Mallay Mine resource and restart plan

• NI 43-101 resource estimate (Feb 2026): Indicated 12.0 Moz AgEq @ 420 g/t, Inferred 4.0 Moz AgEq @ 344 g/t, based on 166,420 m drilling and 22,740 m channel samples.

• Restart targets 2.5 Moz AgEq/year at 600 TPD, with ramp-up in Q2–Q3 2026; mine plan based on current resources supports a 4–5 year life, with potential for 10+ years via extensions.

• Near-mine exploration focuses on Isguiz vein extension, Footwall Zone, and Shafra Zone, aiming to expand resources and mine life.

• Historical production peaked at 1.6 Moz Ag/year; agreements with local communities and established workforce are in place.

Tres Cerros exploration potential

• Surface sampling across a 2.5 km corridor shows ~19% of samples >1 g/t Au and ~22% >1 oz/t Ag, with strong epithermal pathfinder elements and geophysical anomalies indicating deep sulphide potential.

• Selected samples average >1 g/t Au and >1 oz/t Ag, with high-grade results up to 7.69 g/t Au and 946 g/t Ag.

• Geological similarities to the +10 Moz Lagunas Norte deposit, with large mineralized footprint and alteration characteristics.

• Drill permitting and initial 5,000 m drilling planned for late 2026.