Excellon Resources Inc. announced the commencement of a 2,800 metre diamond drilling program at the Oakley Project, Idaho in collaboration with Centerra (U.S.) Inc. ("Centerra"), which has the option to earn up to a 70% interest in the project by, among other things, spending up to USD 7 million in exploration expenditures on the project prior to May 2026. Centerra is the operator of the project and Excellon is the manager under the terms of the option agreement between the parties, with all expenditures currently being funded by Centerra. The Cold Creek claims cover approximately 14 km, including a structurally complex north to south valley with bounding faults that has created at least three prospective geologic zones along the western and eastern margins. The current drill program will test targets within these zones, as follows: This area is bound by large structures on the east and west and has demonstrated surface and subsurface gold mineralization. Reverse circulation ("RC") drilling from the late 1980's returned anomalous grades that have not been followed up on. More recent work delivered anomalous gold in soil and rock samples, with basin wide resistivity and chargeability anomalies. The program is designed to test geophysical anomalies and follow up on identified gold occurrences at surface.