Excellon Resources (EMT) investor relations material

Strategic focus and growth outlook

• Targeting near-term restart of Mallay Mine in Peru, aiming for ~2.5 million oz AgEq/year at 600 TPD by Q2–Q3 2026, with a goal of generating US$70 million free cash flow annually at US$65/oz silver.

• Exploration and development underway at Tres Cerros (Peru), Kilgore (Idaho), and Silver City (Germany), with Tres Cerros positioned as a large-scale, high-sulphidation gold-silver target.

• Current market cap is less than 2x projected cash flow, highlighting significant value potential and upside from exploration assets not yet valued in the portfolio.

• Aiming for a 10+ year mine life at Mallay, with ongoing drilling and resource expansion programs.

• Peer positioning shows competitive production scale among emerging global silver producers, with 2026 production expected to reach 2.6 million oz AgEq.

Mallay Mine operations and resource expansion

• Fully permitted, established mining region with US$115 million historical investment and supportive community agreements.

• NI 43-101 resource estimate (Feb 2026): Indicated 12.01 Moz AgEq (890,000 t @ 420 g/t AgEq), Inferred 4.00 Moz AgEq (362,000 t @ 344 g/t AgEq).

• Restart plan includes rehabilitation, validation of historical reserves, and a 3,000 m drilling program to extend mine life by 3+ years.

• Near-mine exploration targets include Isguiz vein extension, Footwall Zone, Pierina vein, and Shafra Zone (gold-rich, bulk tonnage potential).

• Historic production (2012–2018): 7.7 Moz Ag and 11.0 Moz AgEq, with peak annual output of 1.6 Moz Ag.

Tres Cerros exploration and upside

• Surface sampling at Tres Cerros shows ~19% of samples >1 g/t Au and ~22% >1 oz/t Ag, with strong epithermal indicators and geophysical anomalies.

• Multiple drill-ready targets identified, with mineralization hosted in veins, stockworks, and lithological traps.

• Analogous to Lagunas Norte (+10 Moz Au), Tres Cerros features similar host rocks, alteration, and structural controls.

• Selected samples along a 2.5 km corridor average >1 g/t Au and >1 oz/t Ag, indicating high-grade bulk tonnage potential.

• Deep sulphide potential supported by geophysical anomalies and multi-element enrichment across north, middle, and south sectors.