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Toronto, Ontario – June 19, 2023 – Excellon Resources Inc. (TSX:EXN, OTCQB:EXNRF, FRA:E4X2) (“Excellon” or the “Company”) is providing an update regarding its previously announced proposed
acquisition of the past-producing La Negra Mine in Queretaro, Mexico (“La Negra”) and related transactions.
Shawn Howarth, President and CEO commented: “We continue to advance our proposed acquisition of La Negra, though recent market conditions have made the associated previously announced subscription receipts financing challenging. We continue to strongly believe in the forward-looking value proposition
of the acquisition for Excellon and our shareholders. Key stakeholders in this transaction, including Orion and Excellon’s debenture holders, remain supportive and engaged. We will provide further updates to the market in due course, as further details become available.”
Proposed Acquisition of La Negra
On January 9, 2023, the Company announced that it had entered into a definitive agreement with an entity owned by an investment fund managed by Orion Resource Partners (“Orion”) to acquire La Negra
(the “Acquisition”), together with the planned restructuring of the Company’s outstanding convertible
debentures maturing on July 30, 2023 in the principal amount of C$17.9 million (the “Debenture Restructuring”).1
Further, on April 13, 2023, the Company announced the launch of a non-brokered private placement of up to 28,571,428 subscription receipts, at a price of C$0.35 each, for aggregate gross proceeds of up to C$10 million (the “Private Placement Financing”).2
Successful completion of the Private Placement
Financing will provide the funds necessary to advance initial development activities for the planned restart
of mining operations at La Negra, exploration and to fund general working capital requirements.
Accordingly, the Private Placement Financing (and/or securing other sources of funding) is a necessary precursor to advancing the Acquisition to completion, including seeking required approval of the Toronto Stock Exchange (“TSX”) and approval of Excellon shareholders of the common shares of the Company to
be issued in connection with the Acquisition, the Private Placement Financing and the Debenture Restructuring.
The Company continues to actively engage with potential investors on the Private Placement Financing.
The Company remains focused on a successful completion of C$10 million in gross proceeds, but in parallel
is reviewing potential operating scenarios that would allow Excellon to close on a lower level of initial
financing that supports initiating advancement of La Negra while also adequately capitalizing the Company’s broader business. The Company will provide updates to the market on progressin due course.

1 For further details, refer to the Company’s related new release dated January 9, 2023, available under Excellon’s profile on
SEDAR (www.sedar.com) and on the Company’s website (www.excellonresources.com). 2 For further details, refer to the Company’s related new release dated April 13, 2023, available under Excellon’s profile on
SEDAR and on the Company’s website.

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