Excellon Closes Debenture Restructuring

Toronto, March 28, 2024 - Excellon Resources Inc. (TSX: EXN) (OTCQB: EXNRF) (FSE: E4X2) ("Excellon" or the "Company") is pleased to announce that it has closed its previously announced restructuring of the outstanding 5.75% secured convertible debentures of the Company (the "Debentures") to reduce the outstanding principal amount of the Debentures to C$7.5 million, representing a 58% reduction in principal, and to amend the terms of the remaining Debentures (collectively, the "Debenture Restructuring").

Shawn Howarth, President and CEO, commented, "The Debenture Restructuring is a significant first step towards equity growth for Excellon shareholders. The reduction and extension of the remaining Debentures provides our shareholders with increased exposure to a high quality gold project at Kilgore, and an emerging European-focused silver exploration opportunity at Silver City."

Debenture Repurchase

The Company has completed the repurchase for cancellation of C$10,410,000 aggregate principal amount of the Debentures (the "Debenture Repurchase") pro rata from the holders of the Debentures in exchange for the following aggregate consideration divided pro rata among the holders of the Debentures:

• 38,888,878 common shares in the capital of Excellon ("Common Shares");

• contingent value rights of Excellon, providing for aggregate cash payments equal to the equivalent of up to 1,500 troy ounces of gold upon the achievement of certain milestones;

• a 2% net smelter returns royalty on the unpatented claims comprising the Kilgore Project; and

• a 25% interest in Saxony Silver Corp., which holds the Silver City Project.

Additionally, in connection with the Debenture Repurchase, the Company issued 2,846,147 Common Shares in satisfaction of accrued and unpaid interest on the Debentures to, but excluding, the date of the Debenture Repurchase.

Registered holders of the Debentures will receive a notice regarding the Debenture Repurchase and are advised to read the notice carefully as it contains important instructions on how to receive the consideration for the Debenture Repurchase to which they are entitled. Non-registered holders of the Debentures should contact their broker or other intermediary for instructions on how to receive the consideration for the Debenture Repurchase to which they are entitled.

Debenture Amendment

The Company also amended the terms of the remaining C$7.5 million aggregate principal amount of the Debentures as follows (the "Debenture Amendment"):

• Extended the maturity date of the Debentures from July 31, 2024 to August 31, 2026;

• Decreased the conversion price from C$5.30 to C$0.10 per Common Share; and

• Increased the interest rate payable in cash from 5.75% per annum to 6.50% per annum, while retaining the Company's option to satisfy interest in Common Shares at an effective interest rate of 10% per annum.

The Debenture Restructuring remains subject to the final approval of the Toronto Stock Exchange.

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 gold, silver and base 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 little 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

All statements, other than statements of historical fact, contained, referenced or incorporated by reference in this news release constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as: "actively", "advance", "anticipated", "assess", "believe", "cause", "commence", "completion", "conditions", "consideration", "continues", "development", "due course", "expectation", "exploration", "extend", "extension", "flexibility", "focused", "forbearance", "forward", "further", "future", "if", "implement", "liquidity", "looking", "maturity", "may", "negotiations", "occur", "opportunities", "options", "outcome", "outstanding", "potential", "providing", "reach", "restructuring", "risk", "subject to", "to be", "update", "vision", "waive", "when", "will", and "would", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, to, will, would (or not) be achieved, occur, provide, result, complete or support in the future or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include statements regarding the anticipated effects of the Debenture Restructuring, the timing and ability of the Company to obtain required regulatory approvals for the Debenture Restructuring, including the final approval of the Toronto Stock Exchange; exploration and drilling programs, including the timing, completion and results thereof; potential mineralization; and the Company's objectives, goals and future plans and strategies. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the inability of the Company to receive necessary regulatory approvals, the availability and cost of financing needed in the future, the "Risk Factors" in the Company's annual information form dated March 31, 2023 (the "2023 AIF"), and the risks, uncertainties, contingencies and other factors identified in the Company's Management's Discussion and Analysis, and accompanying financial statements, for the year ended December 31, 2022 and quarters ended in 2023, and the Company's other applicable public disclosure (collectively, "Company Disclosure"). The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company's business, financial condition and prospects that is provided in the 2023 AIF and the other Company Disclosure. The forward-looking statements referenced or contained in this news release are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the other Company Disclosure. Forward-looking statements contained herein are made as of the date of this news release (or as otherwise expressly specified) and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.

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