Excellon Resources Inc. — Capital/Financing Update 2021

Jun 8, 2021

==> picture [263 x 57] intentionally omitted <==

www.excellonresources.com

EXCELLON OUTLINES 2021 SILVER CITY DRILLING PROGRAM

Toronto, Ontario – June 8, 2021 – Excellon Resources Inc. (TSX:EXN, EXN.WT; NYSE:EXN; FRA:E4X2) (“Excellon” or the “Company”) is pleased to announce permitting approval for the Drill Operation Plan at the Silver City Project in Saxony, Germany and to outline 2021 drilling plans.

Highlights of 2021 Drilling Program

• Initial 12,000 metre diamond drilling program commencing imminently on four priority targets– Grauer Wolf, Reichenbach, Bräunsdorf and Peter Vein – following up on high-grade silver mineralization encountered in 2020 program

• Priority drilling also planned at Munzig, where anomalous mineralization was encountered in multiple zones during 2020 drilling

• Program also designed to test new targets on over 30 kilometres of strike on two confirmed contacts, with the mafic-schist contact identified in 2020 at Reichenbach and Grauer Wolf representing a potentially more conducive setting for epithermal silver mineralization

“Our 2020 drilling program confirmed the presence of a major epithermal system, encountered highgrade silver species and delivered high-grade assays, including new discoveries at Grauer Wolf and Reichenbach,” stated Ben Pullinger, SVP Geology & Corporate Development. “We achieved these milestones with only 16 holes over 24 kilometres of strike. This year’s program will build on the modelling and integration of those results to expand on our 2020 discoveries and make new ones in 2021.”

Highlights from the 2020 drilling program include:

• 1,042 g/t AgEq over 0.45 metres (911 g/t Ag, 0.4 g/t Au, 2.8% Pb and 0.9% Zn) , within 231 g/t AgEq over 2.30 metres (183 g/t Ag, 0.4 g/t, Au 0.5% Pb and 0.2% Zn) in initial drilling on the Peter Vein;

• 505 g/t AgEq over 0.71 metres (356 g/t Ag, 2.0 g/t Au) , within 191 g/t AgEq (134 g/t Ag and 0.8 g/t Au) in first hole at Reichenbach (Großvoigtsberg), a new, near-surface discovery in an area with minimal historic mining;

• 319 g/t AgEq over 0.35 metres (300 g/t Ag, 0.2 g/t Au and 0.2% Zn) , within 101 g/t AgEq (87 g/t Ag, 0.2 g/t Au) at Bräunsdorf;

• 1,043 g/t AgEq over 1.3 metres (954 g/t Ag, 0.1 g/t Au, 0.7% Pb and 2.0% Zn) within 100 metres of surface, within 194 g/t AgEq over 8.1 metres (173 g/t Ag, 0.1 g/t, Au, 0.4% Pb and 0.3% Zn), and 331 g/t AgEq over 1.2 metres (325 g/t Ag, 0.1 g/t Au, 0.03% Pb and 0.03% Zn) in the hanging wall at Grauer Wolf, a new high-grade discovery in an area with no historic drilling.

Drillling at the Munzig target in late 2020 encountered two zones of mineralization within 75 metres of surface (including 2.43 metres grading 116 g/t AgEq from 70 metres and 1.60 metres grading 143 g/t AgEq from 77 metres in SC20MUN015) separated by a non-mineralized dike, potentially aligning with historic records describing some of the broadest widths in the Bräunsdorf area.

Including the Munzig target, mineralization has now been encountered over 24 kilometres of strike. The table below summarizes targets and associated mineralization on areas tested in 2020.

• 2 -

	Target	Target**Type **	HolesDrilled	Mineralization Descriptions
	Bräunsdorf	Dip extensionof historicalworkings	AGBR0120	Wide shear zone with chloritic, and sericiticalteration hosting multiple quartz-carbonateveins and local zones of hydrothermal breccia.Silver is carried by silver sulphosalts,freibergite-tetrahedrite and is closelyassociated with sphalerite.
	Reichenbach	Surfacesampling andgeophysics	AGBR1020	A discovery, with three zones of mineralizationintersected, comprising brittle sericite-alteredbasalt with quartz-carbonate filled brittlefractures and local zones of matrix- and clast-supported hydrothermal breccias. Silver andgold are hosted in quartz-carbonate veins withgrades up to 2.0 g/t Au and 350 g/t Ag.
	Peter Vein	Strikeextension ofhistoricalworkings	AGBR0520AGBR05A20AGBR05B20	All holes intersected a wide shear zonewith strong sericitic, graphitic,and chloritic alteration. The zone containsmultiple local sheared quartz, carbonate veinswith grades up to 911 g/t Ag, 0.4 g/t Au, 2.8%Pb and 0.9% Zn. Multiple grains ofnative silver, pyrargyrite, freibergite and othersilver species were identified.
	Grauer Wolf	Surfacesampling andgeophysics	SC20GWO013SC20GWO012	Both holes intersected a wide shear zonehosted by volcaniclastic and mafic volcanicunits with strong sericitic alteration, multiplesheared carbonate veinlets and an over one-metre-wide quartz-carbonate vein containingmultiple blebs of sphalerite, with grades up to987 g/t Ag, 0.5% Pb, and 0.7% Zn.
	Munzig	Surfacesampling,geophysics,and historicalworkingsfollow up	SC20MUN015SC20MUN016	A wide shear zone within mica schist withintense sericitic and local hematitc alteration,multiple sheared smokey quartz-carbonateveins hosting mineralization with grades up to306 g/t Ag, 0.12 g/t Au, 9.48% Pb, and 2.13%Zn.
	Fortuna A	Soilgeochemistry -conceptual	AGBR0220AGBR02A20AGBR0720	All holes intersected a strongly sheared zonewith ubiquitous sericite and local intermittentzones of biotite alteration, with minor localquartz and carbonate veining. All zonesdemonstrated anomalous base metal and

• 3 -

			precious metal values with grades up to 0.68g/t Au and 47 g/t Ag
Siegfried	Geophysics,strikeextension ofhistoricalworkings	SC20SIF014	Five metre wide shear zone with, chloritic, andsericitic alteration hosting multiple quartz-carbonate veins and local zones ofhydrothermal breccia.

The 2020 program totaled 3,700 metres of drilling and intersected significant alteration and or mineralization in seven of nine targets. In addition to the drilling planned for 2021, fieldwork including mapping, prospecting and geophysical surveys are scheduled to be completed on the Bräunsdorf license and the newly acquired Oederan, Mohon and Frauenstein licenses. These programs are intended to expand and define new drill targets into 2022.

• 4 -

==> picture [714 x 550] intentionally omitted <==

• 5 -

The Silver City Project was mined for high-grade silver from the 11[th] until the late 19[th] century, when Germany left the silver standard in 1873 and the gold:silver ratio collapsed. Records from the project indicate high-grade silver production over substantial widths throughout the district. Excellon has embarked on the first modern day exploration program focused on precious metals.

Excellon holds an option to acquire a 100% interest in the Silver City Project from Globex Mining Enterprises Inc. (TSX:GMX; OTCQX:GLBXF; and FRA:G1MN).

Qualified Person

Mr. Ben Pullinger, P.Geo., Senior Vice President Geology & Corporate Development, has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information contained in this press release.

About Excellon

Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of our employees, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high quality gold development project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company also aims to continue capitalizing on current market conditions by acquiring undervalued projects.

Additional details on Excellon’s properties are available at www.excellonresources.com.

For Further Information, Please Contact:

Excellon Resources Inc. Brendan Cahill, President & Chief Executive Officer Ben Pullinger, Senior Vice President Geology & Corporate Development (416) 364-1130 info@excellonresources.com www.excellonresources.com

Forward-Looking Statements

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding mineral resources estimates, the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.