Excalibur Metals Announces Closing of $3.6 Million Private Placement Financing

• On 9 Apr 2026 Excalibur closed a non‑brokered private placement of 18 million units at $0.20 each, netting $3.6 million gross proceeds.
• Each unit = 1 common share + ½ warrant; full warrants allow purchase of additional shares at $0.30 until 8 Apr 2028.
• Finder’s fees: 7 % cash and 7 % non‑transferable warrants issued to the placement agent.
• All securities subject to a hold period ending 9 Aug 2026.
• Use of proceeds: exploration (Bellehelen field work & drilling), working capital, IR and G&A.
• Related‑party purchase of 725 k units ($0.20) by officers/director – exempt from formal valuation under MI 61‑101.

• Expectation vs. reality: The placement was announced on 12 Mar (up to 12.5 M units) and upsized on 18 Mar to the final 18 M units. Closing on 9 Apr simply fulfills that prior guidance – no surprise element.
• Capital adequacy: $3.6 M is modest but sufficient for the near‑term RC drill program (~3 km) and field work already underway. It removes immediate financing risk, a key concern for cash‑burn junior explorers.
• Dilution & pricing: Issue price ($0.20) remains well below recent trading levels ($0.24) – modest dilution but at a discount typical for early‑stage financings. No premium or strategic investor participation that would shift valuation dynamics.
• Overall materiality: The news is positive because it secures needed cash, yet it is routine given the prior announcement and market expectation. It does not materially alter the project’s upside potential or valuation multiples.

Excalibur Metals Corp. is a TSX‑V listed junior explorer focused on the Bellehelen Silver‑Gold Project in Nevada’s Walker Lane Trend. The property hosts a historic > 7 km mineralized corridor that produced ~311,000 silver‑equivalent ounces in the early 1900s, with historic high‑grade assays of 11.25 g/t Au and 3,490 g/t Ag. Current work emphasizes bulk‑tonnage gold‑silver potential, using modern remote sensing (AVIRIS), CSAMT geophysics, extensive soil/rock sampling, and a planned RC drill campaign targeting the Spyglass Ridge and newly defined Rangefront targets.