Excellon Resources Inc. announce a non-brokered private placement of up to 28,571,428 subscription receipts at a price of CAD 0.35 per subscription receipt, for aggregate gross proceeds of up to approximately CAD 10,000,000 on April 13, 2023. The subscription receipts will be created and issued pursuant to the terms of a subscription receipt agreement between a third party escrow agent, as subscription receipt agent and the company. Each subscription receipt will entitle the holder thereof to receive, for no additional consideration and without further action on the part of the holder thereof, one unit of the company comprised of one common share and one common share purchase warrant of the company, subject to adjustment in certain events, upon the satisfaction or waiver of the Escrow release conditions.

Each warrant will entitle the holder thereof to acquire one common share at a price of CAD 0.55 per common share for a period of 24 months from the closing date of the offering, subject to adjustment in certain events. In connection with the offering, provided the Escrow release conditions are satisfied, certain arm's length parties may receive a cash finder's fee payment and/or warrants to purchase common shares in consideration of subscription receipts that are sold to subscribers introduced by such parties. The offering is expected to close on or about May 4, 2023 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.