Vancouver, British Columbia--(Newsfile Corp. - July 9, 2026) - Excalibur Metals Corp. (TSXV: EXCL) (OTCQB: EXCBF) ("Excalibur" or the "Company") is pleased to provide an exploration update on the developing Rangefront Target ("Rangefront") at the Company's Bellehelen Silver-Gold Project ("Bellehelen" or the "Project"), Nye County, Nevada.

Highlights from Rangefront

• Soil sampling has identified a large, coherent multi-element anomaly (Sb-As-Hg) vectoring towards the Rangefront structural corridor, where epithermal alteration is obscured by gravel cover

• CSAMT geophysics reveal an interpreted structure that corresponds with mapped faults along the Rangefront structural corridor, better defining the zone at depth

• Rangefront is slated as a priority target for the Company's next drill campaign, along with follow-up drilling at Spyglass Ridge, anticipated in late 2026 or early 2027

• In the coming months, the Company will remain focused on identifying, advancing, and prioritizing targets at Bellehelen to optimize the chances of discovery during subsequent drilling

The Rangefront Target is located along the Bellehelen structural corridor approximately eight kilometres northwest of the Spyglass Ridge Target. Rangefront was first identified through airborne AVIRIS hyperspectral data, which highlighted a multi-kilometer zone of increasing kaolinite alteration intensity interpreted as the upper "cap" of a precious metals epithermal system (see the Company's news releases dated March 19, 2026 and April 16, 2026). Follow-up reconnaissance rock chip sampling returned anomalous mercury, antimony, and arsenic across the alteration footprint, consistent with the high-level, gold-depleted portion of a preserved epithermal system.

Following this initial work, the Company completed a systematic soil sampling grid across the Rangefront alteration anomaly (Figure 1) as well as a CSAMT survey. Results from both programs have now been received, with the soil samples defining a strong, coherent anomaly in antimony, arsenic, mercury, and gold concentrated immediately along the rangefront — the contact where pre-mineral bedrock outcrop is overlain to the west by post-mineral alluvial cover (Figure 1 and Figure 2). The CSAMT results reveal a marked discontinuity in resistivity values across a west-dipping plane near the location of the rangefront; Excalibur interprets this discontinuity to correspond to a west-dipping fault that constitutes a structural target for epithermal mineralization (Figure 2).

"The exploration thesis at our Rangefront Target is coming together in a very compelling way," commented John Gilbert, Excalibur CEO. "Multiple datasets relating to the structure, alteration, and geochemistry of the area document a metal-bearing epithermal system that remains open to the west and suggest that its principal structural control is concealed beneath shallow post-mineral cover. This structure and the adjacent rocks represent a priority exploration target for the Company. Ultimately, the only way to determine whether such a system hosts significant gold mineralization is with the drill bit, and Excalibur intends to do exactly that as part of its next drill campaign, currently planned for late 2026 or early 2027."

Figure 1: Overview/location figure - plan view of Rangefront target at Bellehelen showing claim outline, soil grid with antimony (Sb) values, bedrock/alluvium contact, the Kawich Wilderness Study Area, and relationship to Bellehelen project area. Red circle indicates the approximate extent of the Rangefront Target, which is open under post-mineral cover to the west of the soil survey area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11871/304559_94c28cee64b56a32_001full.jpg

Figure 2: Schematic cross section of the Rangefront Target showing hypothesized mineralized targets relative to the rangefront contact between pre-mineral bedrock (volcaniclastic sediment / rhyolite tuff) and post-mineral alluvium.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11871/304559_94c28cee64b56a32_002full.jpg

Soil Survey

In March 2026, the company collected 264 soil samples in a grid covering the Rangefront Target. Soil geochemistry suggests increasing antimony, arsenic, and gold values toward the west-southwest beneath post-mineral cover. This trend suggests the system strengthens toward the interpreted rangefront structure and supports the Company's belief that the most prospective portion of the target remains concealed beneath shallow cover.

Figure 3: Plan view of antimony (Sb), arsenic (As), mercury (Hg), and gold (Au) results in soils across the Rangefront Target. Sb, As, and Au vector towards the west-southwest underneath post-mineral cover. Hg samples are elevated throughout the grid, which is typical of the upper portions of an epithermal system.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11871/304559_94c28cee64b56a32_003full.jpg

CSAMT Survey

In April 2026, KLM Geoscience completed a CSAMT geophysical survey across Rangefront to better understand the structural architecture beneath shallow post-mineral cover. The survey identified a prominent west-dipping structural feature that separates areas of contrasting resistivity (Figure 4). Excalibur interprets this feature as a fault zone that may represent an important control on hydrothermal fluid flow and mineralization. The interpreted structure closely corresponds with a mapped rangefront fault, increasing confidence in the Company's geological model.

Importantly, this structural corridor coincides with the direction of increasing alteration and pathfinder geochemistry identified in surface sampling. Together, these datasets suggest that the rangefront structure may be a key control on the hydrothermal system and represents a priority target for future drilling.

Figure 4: View to the northwest of CSAMT profiles collected at the Rangefront Target. Cooler colors show resistivity and warmer colors show conductivity. Gray, transparent planes correspond to mapped Quaternary faults, and support the idea of a west-dipping structure along the rangefront which could be an important control on epithermal mineralization.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11871/304559_94c28cee64b56a32_004full.jpg

Next Steps

Over the remainder of 2026, Excalibur will continue advancing exploration across the Bellehelen Project through additional geological mapping, surface sampling, geophysical surveys, and integrated interpretation of recent drilling results. This work is expected to support the refinement and prioritization of drill targets at Rangefront, Spyglass Ridge, and other prospective areas ahead of the Company's next phase of drilling.

Qualified Person‍ ‍

Matthew Dumala, P.Eng., a 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 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.

Management Update

Excalibur also announces that Eli Turner has resigned from his position as Vice President of Exploration, effective immediately. The Company thanks Mr. Turner for his contributions during his tenure and wishes him every success in his future endeavours.

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

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.

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, sampling and drill results; that Rangefront represents a metal-bearing epithermal system that remains open to the west; mineralization potential; the Project's potential; planned timeline for future drilling and exploration, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304559