Excalibur Expands Rangefront Target with Additional Claims

• Land Expansion: Excalibur Metals staked 58 additional federal lode claims (1,198 acres) at the Bellehelen Silver-Gold Project in Nye County, Nevada.
• Target Focus: The expansion targets the Northwest Rangefront Target and Stone Cabin Valley Pediment, extending the known mineralized trend by >4 km along the Bellehelen fault.
• Geological Drivers: Expansion driven by airborne AVIRIS hyperspectral data indicating increasing kaolinite alteration intensity, interpreted as a potential "cap" for a gold-silver system under cover.
• Corporate Update: Company entered into a marketing services agreement with Capital Analytica for CAD $150,000 plus 150,000 stock options (exercise price $0.23).
• Context: This follows the commencement of Phase 1 drilling at Spyglass Ridge (April 21) and previous staking expansions in March and November 2025.

• Incremental Nature: The land expansion is a logical follow-up to the April 16 exploration update which identified pathfinder anomalies and AVIRIS data at Rangefront. It confirms management action on previously disclosed targets rather than introducing new discovery data.
• Cash Burn Risk: The CAD $150,000 marketing fee represents approximately 4% of the gross proceeds from the April financing ($3.6M). For a junior explorer in the pre-drilling phase, this is a notable cash outflow that reduces runway for exploration activities.
• Drilling Status: While Rangefront is being expanded, primary drilling focus remains on Spyglass Ridge (commenced April 21). No drill results are available yet to validate the Rangefront alteration model.
• Market Expectation: The market has likely priced in continued land acquisition given the >10 km trend narrative and previous staking activity. This news does not materially alter the valuation thesis without assay data.

• Company: Excalibur Metals Corp. (TSX.V: EXCL).
• Flagship Project: Bellehelen Silver-Gold Project, Nye County, Nevada.
• Jurisdiction: Walker Lane Trend, Nevada; known for high-grade epithermal deposits.
• Project Status: Exploration phase. Historic production estimated at 311,000 silver-equivalent ounces (early 1900s).
• Targets: Spyglass Ridge (active drilling), Rangefront (expansion target), Stone Cabin Valley Pediment.
• Management: John Gilbert (CEO), Elijah Turner (VP Exploration), Mark Morabito (Outgoing Chairman/Advisory).