Phoenix, Arizona--(Newsfile Corp. - December 14, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it and its wholly-owned subsidiary Excelsior Mining Arizona, Inc. ("Excelsior Arizona") have closed a $5.5 million financing (the "Financing") with Greenstone Excelsior Holdings LP ("Greenstone") and Triple Flag USA Royalties Ltd. ("Triple Flag"). The closing of the Financing was a condition subsequent to the previously announced extension of the maturity date of its existing $15 million credit facility with Nebari Natural Resources Credit Fund I LP ("Nebari") to June 30, 2026. All dollar amounts in this press release are in United States dollars.

Dr. Stephen Twyerould, President & CEO of Excelsior, commented: "Closing this transaction with such strong support from our key stakeholders demonstrates we are on the right path. We look forward to 2024 with several transformational opportunities ahead of us, and our aim, with the support of our partners, is to actualize those opportunities."

Financing

On December 14, 2023, the Company closed a transaction with Triple Flag and Greenstone on the following terms: (i) Greenstone has sold 1.5% of its total 3% gross revenue royalty on the Johnson Camp Mine to Triple Flag for consideration of $5.5 million in cash (the "Royalty Sale"); and (ii) Greenstone has concurrently completed a $5.5 million financing with the Company that consists of $3.1 million in Common Shares (the "Share Offering") and $2.4 million principal amount of convertible debentures (the "Debenture Offering").

Pursuant to the Share Offering, the Company issued Greenstone a total of 27,180,000 Common Shares at a price of $0.11405 (C$0.155) per Common Share for aggregate gross proceeds of $3.1 million (C$4,212,900).

Pursuant to the Debenture Offering, Greenstone was issued $2.4 million (approximately C$3,254,640, based on an exchange rate of US$1:C$1.3561 on December 13, 2023) principal amount of convertible debentures (the "Debentures") by the Company. The terms of the Debentures are set out in the Company's press release dated November 30, 2023.

The Company intends to use the proceeds of the Share Offering and Debenture Offering for project development expenses and working capital.

Additional Information

Nebari and Triple Flag are at arm's length to the Company. There are no commissions or finders' fees payable in connection with the transactions discussed in this news release.

Greenstone and its affiliated entities previously held 116,028,937 Common Shares (representing 41.86% of the Company's current issued and outstanding Common Shares). Greenstone also owns and controls 1,250,000 options to acquire Common Shares and a convertible debenture with principal amount of $1.5 million that is convertible into 7,894,736 Common Shares. As a result of the closing of the Share Offering and Debenture Offering and conversion of the Debentures held by Greenstone (assuming conversion of all interest payments on the maturity date, using a conversion price of US$0.11405 and a SOFR rate of 5.3307%), Greenstone would acquire ownership and control over an additional 57,383,369 Common Shares, representing approximately 20.7% of the Company's current issued and outstanding Common Shares. As a result, together with the Common Shares it currently owns and controls, Greenstone would hold a total of 173,412,306 Common Shares, which will represent, in aggregate approximately 51.83% of the issued and outstanding Common Shares (assuming conversion of only the Debentures held by Greenstone and assuming the conversion of all interest to maturity at US$0.11405). Greenstone acquired the Debentures and the Common Shares for investment purposes. Depending on market conditions and other factors, Greenstone may from time to time acquire and/or dispose of securities of Excelsior or continue to hold its current position. A copy of the early warning report required to be filed with the applicable securities commission in connection with the acquisition of the Debentures and Common Shares will be available on SEDAR+ at www.sedarplus.com and can be obtained by contacting Gavin Hayman at +44 1481749700. Greenstone's address is set out below:

Greenstone contact information:

Greenstone Excelsior Holdings LP
PO Box 656, East Wing, Trafalgar Court,
Les Banques, St. Peter Port, Guernsey
GY1 3PP
Channel Islands

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), Greenstone's participation in the Share Offering and Debenture Offering constitutes a "related party transaction" as Greenstone is a related party of the Company. The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that at the time Greenstone's participation in the Share Offering and Debenture Offering was agreed to, neither the fair market value of the securities to be distributed in the Share Offering and Debenture Offering nor the consideration to be received for those securities, insofar as the Share Offering and Debenture Offering involved the related party, exceeds 25% of the Company's market capitalization. The Company did not file a material change report related to this financing more than 21 days before the closing of the Debenture Offering as required by MI 61-101 since the details of the participation by the related parties of the Company were not settled until just prior to closing and the Company wished to close on an expedited basis for sound business reasons. The Common Shares that will be acquired by Greenstone were acquired pursuant to an exemption from the prospectus requirement in section 2.3 of National Instrument 45-106.

In order to facilitate the completion of the Royalty Sale, Share Offering and Debenture Offering, the Company first acquired the 1.5% gross revenue royalty on the Johnson Camp Mine from Greenstone in return for the Common Shares and Debenture and then transferred the royalty to Triple Flag for $5.5 million in cash. In addition, the holders of the $3 million principal amount of convertible debentures issued by the Company in February 2023 have agreed to extend the maturity date of such convertible debentures to September 30, 2026.

The Company also announces that, in connection with the Third Amendment to the Amended and Restated Credit Agreement with Nebari, it has issued 9,208,093 Common Shares to nominees of Nebari.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

Excelsior has entered into an agreement with Nuton LLC, a Rio Tinto venture, to further evaluate the use of its Nuton™ copper heap leaching technologies at Excelsior's Johnson Camp mine in Cochise County, Arizona. Under the agreement, Excelsior remains the operator and Nuton funds Excelsior's costs associated with a two-stage work program at Johnson Camp. Nuton has provided a US$3 million pre-payment to Excelsior for Stage 1 costs and a payment of US$2 million for an exclusive option to form a joint venture with Excelsior over the Johnson Camp Mine after the completion of Stage 2. If Nuton proceeds to Stage 2, it will make a US$5 million payment to Excelsior for the use of existing infrastructure at the Johnson Camp mine for the Stage 2 work program. Nuton will also be responsible for funding all of Excelsior's costs associated with Stage 2.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the completion of the conditions to the Third Amended ARCA; (ii) the use of proceeds of the Share Offering and Debenture Offering; (iii) the details of the transaction with Nuton LLC and (iv) future production and production capacity from the Company's mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191089

• Strong Support with Extension and Funding Provided by Three Major Stakeholders
• Provides Liquidity and Reduces Future Interest Obligation Under the Loan

Phoenix, Arizona--(Newsfile Corp. - November 30, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it and its wholly-owned subsidiary Excelsior Mining Arizona, Inc. ("Excelsior Arizona") has agreed with Nebari Natural Resources Credit Fund I LP ("Nebari") to extend the maturity date of its existing $15 million credit facility to June 30, 2026. In addition, the Company has entered into agreements for a $5.5 million financing (the "Financing") with Greenstone and Triple Flag. All dollar amounts in this press release are in United States dollars.

Dr. Stephen Twyerould, President & CEO of Excelsior commented: "We are very pleased with the support from Nebari, Greenstone and Triple Flag for the execution of the Company's development and operating strategy. The loan extension and funding will allow Excelsior the runway to advance the Nuton Option on the Johnson Camp Mine and complete the preparation for the well stimulation program."

Credit Agreement Extension

The Company, Excelsior Arizona and Nebari have entered into a Third Amendment to the Amended and Restated Credit Agreement (the "Third Amended ARCA"). The Third Amended ARCA provides for the extension of the maturity date of the existing $15 million credit facility to June 30, 2026 (the "Extension"). Nebari has also agreed to reduce the interest rate (the "Rate Reduction") to 10.5% plus a rate supplement (the "Rate Supplement") equal to the greater of (i) the forward-looking secured overnight financing rate (administered by CME Group Benchmark Administration Limited or a successor administrator) for a tenor of 3 months and (ii) 1.50%.

As consideration for the Third Amended ARCA as it relates to the Extension and Rate Reduction, subject to Toronto Stock Exchange approval, the Company is required to issue common shares of the Company ("Common Shares") to nominees of Nebari in a number equal to US$1,050,224, converted to Canadian dollars at an exchange rate equal to the average market rate posted by the Bank of Canada for the 5 days preceding the issuance, divided by C$0.155 (US$0.11405). This amount includes a cash extension bonus plus an amount equal to the total additional amount of interest that would have been payable to the maturity date of the credit facility prior to the Rate Reduction.

In addition the early amortization of the credit facility has been extended such that the Company will begin amortizing the principal amount of the facility (and pro-rata repayment bonus (the "Repayment Bonus") amount that already exists under the credit facility) in monthly instalments payable on the last day of each month of (i) commencing June 2024 to and including December 2024, seven equal monthly installments of $206,000.00; (ii) commencing January 2025 to and including December 2025, twelve equal monthly installments of $257,500.00; and (iii) commencing January 2026 to June 2026, six equal monthly installments of $309,000.00.

The Third Amended ARCA is subject to certain conditions including completion of the Financing by December 31, 2023, conclusion of certain agreements with Triple Flag International Ltd. ("Triple Flag") and the approval of the Toronto Stock Exchange.

Financing

To satisfy the condition to complete the Financing under the Third Amended ARCA, the Company has agreed to a transaction with Triple Flag and Greenstone Excelsior Holdings LP ("Greenstone") on the following terms: (i) Greenstone shall sell 1.5% of its total 3% gross revenue royalty on the Johnson Camp Mine to Triple Flag for consideration of $5.5 million in cash (the "Royalty Sale"); and (ii) Greenstone will concurrently complete a $5.5 million financing with the Company that consists of $3.1 million in Common Shares (the "Share Offering") and $2.4 million principal amount of convertible debentures (the "Debenture Offering").

Pursuant to the Share Offering, the Company shall issue Greenstone a total of 27,180,000 Common Shares at a price of US$0.11405 (C$0.155) per Common Share for aggregate gross proceeds of $3.1 million.

Pursuant to the Debenture Offering, Greenstone will subscribe for a total of $2.4 million principal amount of convertible debentures (the "Debentures"). The terms of the Debentures include:

• a maturity date of September 30, 2026 (the "Maturity Date") and the principal amount, together with any accrued and unpaid interest, will be payable on the Maturity Date, unless earlier converted in accordance with their terms;
• the Debentures bear interest (the "Interest") at the rate of 10.5% per annum plus the Rate Supplement, which Interest will be payable on the Maturity Date, unless earlier converted into Common Shares;
• subject to the receipt of disinterested shareholder approval from the holders of the Common Shares at a duly and validly call meeting (the "Shareholder Approval"), the principal amount of the Debenture is convertible into Common Shares at the option of the holder (or at the option of the Company on 30 days prior notice) at a conversion price of US$0.11405 per Common Share;
• subject to receipt of the Shareholder Approval, the accrued and unpaid Interest is convertible into Common Shares at a conversion price equal to the volume weighted average trading price on the Toronto Stock Exchange for the five trading days prior to the date of conversion; and
• the Debentures are unsecured.

The Company intends to use the proceeds of the Share Offering and Debenture Offering for project development expenses and working capital. The closing of the Share Offering and Debenture Offering is subject to customary conditions, including the approval of the Toronto Stock Exchange.

Additional Information

Nebari and Triple Flag are at arm's length to the Company. There are no commissions or finders' fees payable in connection with the transactions discussed in this news release. There is no assurance that the conditions to the Third Amended ARCA or closing of the Royalty Sale, Share Offering or Debenture Offering will be satisfied.

Greenstone and its affiliated entities currently hold 116,028,937 Common Shares (representing 41.86% of the Company's current issued and outstanding Common Shares). Greenstone also owns and controls 1,250,000 options to acquire Common Shares and a convertible debenture with principal amount of $1.5 million that is convertible into 7,894,736 Common Shares. Upon closing of the Debenture Offering and conversion of the Debentures held by Greenstone (assuming conversion of all interest payments on the maturity date, using a conversion price of US$0.11405 and a SOFR rate of 5.3307%), Greenstone would acquire ownership and control over an additional 57,383,369 Common Shares, representing approximately 20.7% of the Company's current issued and outstanding Common Shares. As a result, together with the Common Shares it currently owns and controls, Greenstone would hold a total of 173,412,306 Common Shares, which will represent, in aggregate approximately 51.83% of the issued and outstanding Common Shares (assuming conversion of only the Debentures held by Greenstone and assuming the conversion of all interest to maturity at US$0.11405).

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), Greenstone's participation in the Debenture Offering constitutes a "related party transaction" as Greenstone is a related party of the Company. The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that at the time Greenstone's participation in the Debenture Offering was agreed to, neither the fair market value of the securities to be distributed in the Debenture Offering nor the consideration to be received for those securities, insofar as the Debenture Offering involved the related party, exceeds 25% of the Company's market capitalization. The Company will not file a material change report related to this financing more than 21 days before the expected closing of the Debenture Offering as required by MI 61-101 since the details of the participation by the related parties of the Company were not settled until just prior to closing and the Company wished to close on an expedited basis for sound business reasons. The Common Shares that will be acquired by Greenstone will be acquired pursuant to an exemption from the prospectus requirement in section 2.3 of National Instrument 45-106.

In order to facilitate the completion of the Royalty Sale, Share Offering and Debenture Offering, the Company will first acquire the 1.5% gross revenue royalty on the Johnson Camp Mine from Greenstone in return for the Common Shares and Debenture and then transfer the royalty to Triple Flag for $5.5 million in cash. Also, a further condition of the Third Amended ARCA, the holders of the $3 million principal amount of convertible debentures issued by the Company in February 2023 have agreed to extend the maturity date of such convertible debentures to September 30, 2026.

Other activities in the Company remain on-track and on-budget. Refer to the October 23, 2023 press release for additional information.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

Excelsior has entered into an agreement with Nuton LLC, a Rio Tinto venture, to further evaluate the use of its Nuton™ copper heap leaching technologies at Excelsior's Johnson Camp mine in Cochise County, Arizona. Under the agreement, Excelsior remains the operator and Nuton funds Excelsior's costs associated with a two-stage work program at Johnson Camp. Nuton has provided a US$3 million pre-payment to Excelsior for Stage 1 costs and a payment of US$2 million for an exclusive option to form a joint venture with Excelsior over the Johnson Camp Mine after the completion of Stage 2. If Nuton proceeds to Stage 2, it will make a US$5 million payment to Excelsior for the use of existing infrastructure at the Johnson Camp mine for the Stage 2 work program. Nuton will also be responsible for funding all of Excelsior's costs associated with Stage 2.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the completion of the conditions to the Third Amended ARCA; (ii) the closing of the Royalty Sale, Share Offering and Debenture Offering; (iii) the use of proceeds of the Share Offering and Debenture Offering; and (iv) future production and production capacity from the Company's mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/189340

Phoenix, Arizona--(Newsfile Corp. - October 23, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to provide an update on the mining camp encompassed by the Gunnison Copper Project (Gunnison), the Johnson Camp Copper Mine (JCM) and Strong and Harris, located in Cochise County, southeastern Arizona.

Nuton — JCM Update

• In addition to the favorable drilling results which were previously announced on September 14, 2023 and October 16, 2023, Nuton related activities are progressing according to plan and remain on budget and on schedule. Nuton has begun running leaching tests with the Nuton^TM technologies.
• Should Nuton elect to move to Stage 2 of the project, then construction is anticipated to commence in H1 2024.

Gunnison Copper Project Update

• Additional well stimulation modelling has recently been completed, which supports the results of prior modelling, indicating well stimulation has the potential to greatly improve flow, connectivity and permeability, thereby improving sweep efficiency and gas bubble removal. See October 18^th 2022 News for prior modelling.
• Contractors have been identified for certain aspects of the well stimulation trails and long-lead item equipment has been acquired or ordered.
• Trials are subject to work plan approvals and additional working capital.

Mining Camp

• Excelsior is taking a broader and more integrated view of the entire mining camp under its control, including the potential for a large centralized processing facility taking advantage of the recent advances in sulfide leaching technology, like that provided by Nuton, combined with more traditional mining approaches like large open pit mining.
• Well stimulation at the Gunnison Copper Project remains the primary focus; however, the results of Excelsior's review may indicate favorable economics for open pit mining of Excelsior assets.
• The resource estimate the Gunnison Copper Project compares favorably to other proposed open pit mining operations in Arizona in terms of grade and tonnage.
• The concept of a larger, centralized processing facility being fed by traditional mining activities would benefit the nearby Strong and Harris project, which is located only 2 miles (3.2 km) north of Johnson Camp.

"There are relatively few large copper development projects in safe jurisdictions around the world that have our permitting track record and near-term production potential. That makes us very excited by the future of our mining camp. JCM, Strong and Harris and Gunnison have the combined potential for over 150 million pounds of copper per year assuming full production ramp up is achieved, which would make Excelsior a top 10 copper producer in Arizona," states Stephen Twyerould, President and CEO.

About Excelsior Mining

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

Excelsior's exploration work on the Johnson Camp mine is supervised by Stephen Twyerould, Fellow of AUSIMM, President and CEO of Excelsior and a Qualified Person as defined by NI 43-101. Mr. Twyerould has reviewed and is responsible for the technical information contained in this news release.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the aim to commence construction at Johnson Camp in H1 2024; (iii) the benefits of well stimulation and the Company's plans for well stimulations; (iv) ) future production and production capacity from the Company's mineral projects; (v) the prospects of mining and leaching predominantly sulfide copper mineralization in partnership with Nuton; and (vi) the potential for a large centralized processing facility taking advantage of the recent advances in sulfide leaching technology, like that provided by Nuton, combined with more traditional mining approaches like large open pit mining.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184750

Phoenix, Arizona--(Newsfile Corp. - October 16, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce assay results at the Johnson Camp Mine (JCM) from the Stage 1 drilling with Nuton LLC ("Nuton"), a Rio Tinto venture. The program consists of drilling approximately 6,000 feet of PQ core, primarily for the purposes of further metallurgical evaluation. The samples from the drill program will be processed for mineralogy and tested using the Nuton™ process. The program is being funded by Nuton and carried out by Excelsior in connection with the previously announced Option to JV Agreement.

"We are very happy with the results of the Stage 1, Phase 2 drilling with all holes finishing in mineralization and intersecting over 200 feet (true thickness) of good grades, with all lower intersections averaging over 0.55% total copper (highlighted below). The results are sufficient to warrant some additional drilling to the south which will commence this month. Mineralogical and metallurgical testing has also commenced," comments Roland Goodgame, Senior Vice President Business Development.

All 13 planned holes have been drilled using diamond drill rigs to generate PQ sized core and assays have been returned for all holes. The Stage 1 program is divided into two phases. Phase 2 holes (designated PH2) were drilled above the mineralization from the east side of the Burro pit. These holes were designed to test the extent of the mineralization and provide further representative metallurgical samples. Assay results are included in Table 1 below. Stage 1, Phase 1 drilling results were previously announced on September 14, 2023.

Table 1. Assay results.

All samples are prepared from manually split or sawn PQ core sections on site in Arizona. Split drill core samples are then sent to independent laboratory Skyline Assayers & Laboratories in Tucson, Arizona for Total Copper and Sequential Copper analyses. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control Program. Pulps and sample rejects are stored by Excelsior for future reference.

About The Johnson Camp mine

The Johnson Camp Mine ("JCM") has historically been an open pit, heap leach operation since Cyprus Minerals opened the property in the 1970's. The operation includes two open pits, a two-stage crushing-agglomerating circuit, a fully functioning SX-EW plant capable of producing 25 million pounds of cathode copper per year, a complete set of PLS and raffinate ponds, and full infrastructure (ancillary facilities, access, power, water, and communications).

An updated Preliminary Economic Assessment (PEA) incorporating conventional sulfide leaching (not Nuton) technology was announced February 22^nd 2023. Mining of JCM would be by traditional open pit. The highlights of the PEA financial model, using a copper price of $3.75/lb, shows an after-tax NPV of US$180 million (7.5% discount rate), and an after-tax IRR of 30.4%. The results are tabulated below.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

QUALIFIED PERSON

Excelsior's exploration work on the Johnson Camp mine is supervised by Stephen Twyerould, Fellow of AUSIMM, President and CEO of Excelsior and a Qualified Person as defined by NI 43-101. Mr. Twyerould has reviewed and is responsible for the technical information contained in this news release. Mr. Twyerould has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Twyerould has verified that the results were accurate from the official assay certificates provided to Excelsior.

About Excelsior Mining

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

About Nuton

Nuton is an innovative venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability - a product of almost 30 years of research and development. Nuton offers the potential to economically unlock copper from primary sulfide resources worldwide through leaching, achieving market-leading recovery rates, contributing to an increase in copper production from copper bearing waste and tailings, and achieving higher copper recoveries on oxide and transitional material. One of the key differentiators of Nuton is the potential to produce the world's lowest impact copper while having at least one Net Positive impact at each of our deployment sites, across our five pillars: water, energy, land, materials and society.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the timeline for additional assay results; (iii) the results of the preliminary economic assessment on Johnson Camp; (iv) future production and production capacity from the Company's mineral projects; (v) the prospects of mining and leaching predominantly sulfide copper mineralization in partnership with Nuton; (vi) future drill results; and (vii) the development timeline to mine Johnson Camp.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183913

Phoenix, Arizona--(Newsfile Corp. - September 14, 2023) - Excelsior Mining Corp. (TSX: MIN) (OTCQB: EXMGF) (FSE: 3XS) ("Excelsior" or the "Company") is pleased to announce assay results at the Johnson Camp Mine (JCM) from the Stage 1 drilling with Nuton LLC ("Nuton"), a Rio Tinto venture. The program consists of drilling approximately 6,000 feet of PQ core, primarily for the purposes of further metallurgical evaluation. The samples from the drill program will be processed for mineralogy and tested using the Nuton™ process. The program is being funded by Nuton and carried out by Excelsior in connection with the previously announced Option to JV Agreement.

"The initial drill results from the bottom of the Burro pit are high-grade, averaging around 1% copper. These grades are in-line with expectations in this area, which is why we remain excited about the prospects of mining and leaching this predominantly sulfide copper mineralization in partnership with Nuton," comments Roland Goodgame, Senior Vice President Business Development.

A total of 11 of the 13 planned holes have been drilled using diamond drill rigs to generate PQ sized core, with 5 of the drilled holes still awaiting assays. The program is divided into two phases. Phase 1 holes (designated PH1) were drilled from the bottom of the Burro open pit towards the east and northeast and were declined at about 35 degrees. These holes were designed to drill approximately parallel to the dip of the easterly dipping mineralized horizon. The purpose of this drilling is to collect a relatively large volume of representative material for metallurgical testing. Assay results are included in Table 1 below.

Table 1. Assay results.

The PH1 series holes were drilled down the dip or at a low angle to the dip of the mineralized horizons and as such a true width is difficult to determine. The mineralized horizon in this area is typically 60 to 160 feet in true width, however the grades in these holes may not be applicable to that entire true width. This mineralization is exposed in the bottom of the Burro pit and is one of the main targets for the potential re-start of the Burro pit. The Phase one holes started in high-grade mineralization and all holes finished in mineralization indicating the mineralization continues down dip. Approximately the first half of the holes in Table 1 were sulfide dominant (pyrite and chalcopyrite), whilst the second half included some transitional and oxide copper mineralization.

Unlike the Phase 1 holes, the Phase 2 holes were drilled from high on the eastern wall of the open pit and were designed to intersect the mineralized horizons below at a high angle to bedding. No phase 2 assay results are available yet.

All samples are prepared from manually split or sawn PQ core sections on site in Arizona. Split drill core samples are then sent to independent laboratory Skyline Assayers & Laboratories in Tucson, Arizona for Total Copper and Sequential Copper analyses. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control Program. Pulps and sample rejects are stored by Excelsior for future reference.

About The Johnson Camp mine

The Johnson Camp Mine ("JCM") has historically been an open pit, heap leach operation since Cyprus Minerals opened the property in the 1970's. The operation includes two open pits, a two-stage crushing-agglomerating circuit, a fully functioning SX-EW plant capable of producing 25 million pounds of cathode copper per year, a complete set of PLS and raffinate ponds, and full infrastructure (ancillary facilities, access, power, water, and communications).

An updated Preliminary Economic Assessment (PEA) incorporating sulfide leaching technology was announced February 22^nd 2023. Mining of JCM would be by traditional open pit. The highlights of the PEA financial model, using a copper price of $3.75/lb, shows an after-tax NPV of US$180 million (7.5% discount rate), and an after-tax IRR of 30.4%. The results are tabulated below.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

QUALIFIED PERSON

Excelsior's exploration work on the Johnson Camp mine is supervised by Stephen Twyerould, Fellow of AUSIMM, President and CEO of Excelsior and a Qualified Person as defined by NI 43-101. Mr. Twyerould has reviewed and is responsible for the technical information contained in this news release. Mr. Twyerould has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Twyerould has verified that the results were accurate from the official assay certificates provided to Excelsior.

About Excelsior Mining

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

About Nuton

Nuton is an innovative new venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability - a product of almost 30 years of research and development. The Nuton technologies offer the potential to economically unlock known low-grade copper sulfide resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production outcome. One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the details of the drill program, including number of feet expected to be drilled; (iii) the results of the preliminary economic assessment on Johnson Camp; (iv) future production and production capacity from the Company's mineral projects; (v) the prospects of mining and leaching predominantly sulfide copper mineralization in partnership with Nuton; (vi) future drill results; and (vii) the development timeline to mine Johnson Camp.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180555

Phoenix, Arizona--(Newsfile Corp. - August 16, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it has commenced drilling at Johnson Camp with Nuton LLC ("Nuton"), a Rio Tinto venture, to further evaluate the use of its Nuton™ copper heap leaching technologies at Excelsior's Johnson Camp mine in Cochise County, Arizona. The program consists of drilling 6,000 feet of PQ core for the purposes of further metallurgical evaluation. Once completed the samples will be processed for mineralogy and tested using the Nuton™ process. Results are expected late Q3, 2023. The program is being funded by Nuton and carried out in connection with the previously announced Option Agreement.

"Excelsior is now aggressively moving the Johnson Camp mine forward with the next stages of the work program with Nuton. The sulfide potential at JCM is significant and we are pleased to be working with Nuton to realize that potential. In parallel we continue to progress Gunnison towards well stimulation trials later this year," comments Robert Winton, Senior Vice President & General Manager of Operations of Excelsior.

Rio Tinto has developed the Nuton™ Technologies, an extensive portfolio of advanced copper heap leaching technologies targeted at primary sulfide minerals (including lower grade mineral deposits), which could not otherwise be processed using traditional leaching or sulfide processing technologies. These technologies offer the potential to produce additional copper in a cost-effective manner that has significant environmental benefits and reduces waste from new and ongoing operations.

ABOUT NUTON

Nuton is an innovative new venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability – a product of almost 30 years of research and development. The Nuton technologies offer the potential to economically unlock known low-grade copper sulfide resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production outcome. One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.

ABOUT THE JOHNSON CAMP MINE

The Johnson Camp Mine is a past producing open pit, heap leach operation. The operation includes two open pits, a two-stage crushing-agglomerating circuit, a fully functioning SX-EW plant capable of producing 25 million pounds of cathode copper per year, a complete set of PLS and raffinate ponds, and full infrastructure (ancillary facilities, access, power, water, and communications).

An updated Preliminary Economic Assessment (PEA) incorporating sulfide leaching technology was announced February 22^nd 2023. Mining of JCM would be by traditional open pit. The highlights of the PEA financial model, using a copper price of $3.75/lb, shows an after-tax NPV of US$180 million (7.5% discount rate), and an after-tax IRR of 30.4%. The results are tabulated below.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

Additional information about the Gunnison Copper Project and Johnson Camp Mine can be found in the technical report filed on SEDAR at www.sedar.com entitled "Gunnison Copper Project Prefeasibility Study Update and JCM Heap Leach Preliminary Economic Assessment", dated effective February 1, 2023.

Excelsior's exploration work on the Gunnison Property and Johnson Camp properties is supervised by Stephen Twyerould, Fellow of AUSIMM, President and CEO of Excelsior and a Qualified Person as defined by National Instrument 43-101. Mr. Twyerould has reviewed and approved the technical information contained in this news release.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the potential of well stimulation to improve performance of the Company's mineral projects; (ii) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (iii) the details of the drill program, including number of feet expected to be drilled; (iv) the results of the preliminary economic assessment on Johnson Camp; and (v) future production and production capacity from the Company's mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the amended permit will not be appealed, work plans will be approved in a timely manner, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to an appeal of the permit amendment that delays its effectiveness, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177365

Phoenix, Arizona--(Newsfile Corp. - July 31, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it has entered into an Option Agreement (the "Agreement") with Nuton LLC, a Rio Tinto venture, to further evaluate the use of its Nuton™ copper heap leaching technologies at Excelsior's Johnson Camp mine in Cochise County, Arizona. Under the Agreement, Excelsior remains the operator and Nuton funds Excelsior's costs associated with a two-stage work program at Johnson Camp. Nuton will provide a US$3 million pre-payment to Excelsior for Stage 1 costs and a payment of US$2 million for an exclusive option to form a joint venture with Excelsior over the Johnson Camp Mine after the completion of Stage 2.

"We are very pleased to be moving Johnson Camp forward with Nuton. With their support and technologies, we have the potential to realize the value of the sulfide resources at Johnson Camp in a way that is both economical and beneficial to the environment. Johnson Camp has the potential to progress towards cash-flow whilst we continue to develop our other assets, including progressing Gunnison towards well-stimulation trials later this year," comments Stephen Twyerould, President and CEO of Excelsior Mining. "The strength of this agreement is that it allows both Gunnison and Johnson Camp to advance in parallel."

Rio Tinto has developed the Nuton^TM Technologies, an extensive portfolio of advanced copper heap leaching technologies targeted at primary sulfide minerals (including lower grade mineral deposits), which could not otherwise be processed using traditional leaching or sulfide processing technologies. These technologies offer the potential to produce additional copper in a cost-effective manner that has significant environmental benefits and reduces waste from new and ongoing operations.

Under the terms of the Agreement, the Stage 1 work program involves Excelsior completing diamond drilling, permitting activities, detailed engineering, and project execution planning. Nuton will complete mineralogy, predictive modelling, engineering and other test work. Based on the results of the Stage 1 work program, Nuton has the option to proceed to Stage 2. The Stage 1 work program is expected to commence in August and take 6 to 9 months to complete.

If Nuton proceeds to Stage 2, it will make a US$5 million payment to Excelsior for the use of existing infrastructure at the Johnson Camp mine for the Stage 2 work program. Nuton will also be responsible for funding all of Excelsior's costs associated with Stage 2. The full Stage 2 work program is anticipated to take up to five years but will proceed based on milestones related to engineering and mobilization, infrastructure and construction, mining, leaching, copper production and post-leach rinsing. Mining is expected to commence in year one. The completion of all milestones would result in full scale commercial production over several years at Johnson Camp utilizing Nuton^TM Technologies. Revenue from operations will first be used to pay back Stage 2 costs to Nuton and will then be credited to Excelsior's account.

After the completion of Stage 2, Nuton will have the right to form a joint venture on Johnson Camp per mutually agreeable terms whereby Nuton will hold an initial 49% and Excelsior an initial 51%. The purpose of the joint venture is to continue the development of the Johnson Camp Mine using Nuton^TM Technologies. Should Nuton not exercise their joint venture rights, Nuton and Excelsior will discuss in good faith Excelsior's continued use of the Nuton™ Technologies at the Johnson Camp Mine subject to certain licensing terms and conditions. The infrastructure arrangement at Johnson Camp under this Agreement are non-exclusive. During Stages 1 and 2, Excelsior may continue to use the Johnson Camp infrastructure for processing Gunnison solutions and other copper sources not related to the Stage 2 work program so long as capacity requirements for the Stage 2 work program are met.

ABOUT NUTON

Nuton is an innovative new venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability - a product of almost 30 years of research and development. The Nuton technologies offer the potential to economically unlock known low-grade copper sulfide resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production outcome. One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the potential of well stimulation to improve performance of the Company's mineral projects; (ii) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (iii) the details and expected results of the two stage work program; and (iv) future production and production capacity from the Company's mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the amended permit will not be appealed, work plans will be approved in a timely manner, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to an appeal of the permit amendment that delays its effectiveness, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/175376

Phoenix, Arizona--(Newsfile Corp. - June 23, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") reports that the nominees listed in the management information circular for the 2023 Annual General and Special Meeting of shareholders were elected as directors of Excelsior. Detailed results of the vote for the election of directors held at the Annual General and Special Meeting on June 22, 2023 in Vancouver, B.C., are set out below:

Shareholders at the Annual General and Special Meeting also voted in favour of: (i) setting the number directors at five; (ii) appointing PricewaterhouseCoopers LLP as auditors; (iii); approving the Company's stock option plan; (iv) approving the Company's Restricted Share Unit Plan; and (v) approving Excelsior's Performance Share Unit Plan.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

ON BEHALF OF THE EXCELSIOR BOARD

"Stephen Twyerould"
President & CEO

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604 365 6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/171048

Phoenix, Arizona--(Newsfile Corp. - June 1, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that the amended permit to the Class III Underground Injection Control ("UIC") Area Permit, that allows for well stimulation to occur at the Gunnison Copper Project, located in Cochise County, southeastern Arizona is now effective as of May 26^th 2023.

The amended permit was originally issued on April 21, 2023 but was not effective until the expiry of the appeal period. The appeal period has ended without an appeal being filed and as a result the amended permit is now in effect.

Well stimulation has the potential to fundamentally change the performance of the wellfield, and eliminate or reduce the need for the raffinate neutralization plant. Excelsior intends to proceed to field trials in early H2 of 2023. Excelsior will submit the well stimulation work plans required by the permit and schedule the necessary contractors in the near term.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the potential of well stimulation to improve performance of the Company's mineral projects; (ii) the details of future well stimulation trials, including the expected timeline, and (iii) future production and production capacity from the Company's mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the amended permit will not be appealed, work plans will be approved in a timely manner, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to an appeal of the permit amendment that delays its effectiveness, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168228

Phoenix, Arizona--(Newsfile Corp. - April 24, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that the United States Environmental Protection Agency has issued an amendment to the Class III Underground Injection Control ("UIC") Area Permit, that will allow for well stimulation to occur at the Gunnison Copper Project, located in Cochise County, southeastern Arizona.

Well stimulation has the potential to fundamentally change the performance of the wellfield, and eliminate or reduce the need for the raffinate neutralization plant. Excelsior intends to proceed to field trials in early H2 of 2023. Excelsior will submit the well stimulation work plans required by the permit and schedule the necessary contractors in the near term.

Well stimulation is primarily intended to inflate (open-up) the pre-existing mineralized facture network in the wellfield to help gas bubbles escape. It can enlarge pre-existing channels and flow paths, increase pore space and make it possible for solution to move more readily from injection to recovery well. Doing so should improve connectivity between these wells, improve flow rates, sweep efficiency and copper production. Previously Excelsior commissioned a leading engineering and environmental consulting firm to undertake well stimulation modelling on a selection of wells within the current wellfield. The model showed that well stimulation successfully inflated pre-existing fractures over significant volumes around the central well within the 5-spot pattern.

The amended permit will be effective on May 26^th, 2023.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the potential of well stimulation to improve performance of the Company's mineral projects; (ii) the details of future well stimulation trials, including the expected timeline, and (iii) future production and production capacity from the Company's mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the amended permit will not be appealed, work plans will be approved in a timely manner, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to an appeal of the permit amendment that delays its effectiveness, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163486

Phoenix, Arizona--(Newsfile Corp. - March 31, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") announces that long serving Board member, Lord Robin Renwick, is retiring as a director of the Company effective March 31, 2023. Lord Renwick has elected to retire for age reasons and he is concurrently retiring from his other public board of director positions. Initially appointed in 2014, Lord Renwick has provided invaluable contributions during his over eight years as a Board member of the Company.

Fred DuVal, Chair of the Company's Board of Directors stated: "Lord Renwick's contributions to the Company have been significant and meaningful. His extensive knowledge of mining and international markets have helped guide our development. I am thankful for Lord Renwick's service to the Company and wish him and his family all the best following his retirement."

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to future production and production capacity from the Company's mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160659

Phoenix, Arizona--(Newsfile Corp. - February 28, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it has filed a National Instrument ("NI") 43-101 Technical Report dated effective February 1, 2023 (the "Report") on SEDAR at www.sedar.com. The Report is with respect to the results of its Updated Preliminary Economic Assessment ("PEA") on the Johnson Camp Mine Heap Leach, located in Cochise County, southeastern Arizona that were originally announced in a February 22, 2023 news release. The PEA considers the results of the drill program completed in 2022 and the implementation of sulfide leaching technology to improve recoveries. As part of the PEA, the Report also includes a republishing of the Prefeasibility Study Update ("PFS") on the North Star Deposit of the Gunnison Copper Project. The Gunnison Project is designed as a copper in-situ recovery ("ISR") mine using solvent extraction-electrowinning ("SX-EW") to produce copper cathode and the Johnson Camp mine is a conventional open pit and heap leach operation. Results of the PFS and PEA disclosed in this press release are in United States dollars.

"The potential of sulfide leaching technology is transformational for Johnson Camp's economics and total mineable copper, which has prompted us to take a more holistic view of the development of the entire mining camp, including oxides, sulfides and transition mineralization at all our assets," comments Stephen Twyerould, President and CEO. "For Gunnison, we are awaiting the permit amendment for well stimulation, which we hope to receive this quarter. Once all approvals are in-hand, we intend to start field trials as soon as possible thereafter. Field trails are designed to test whether well stimulation is the preferred method to reduce or eliminate the negative effects of gas bubbles on injection flow within the wellfield."

JOHNSON CAMP HEAP LEACH PRELIMINARY ECONOMIC ASSESSMENT

Economic Analysis

The Johnson Camp Mine ("JCM") has historically been an open pit, heap leach operation since Cyprus Minerals opened the property in the 1970's. The operation includes two open pits, a two-stage crushing-agglomerating circuit, a fully functioning SX-EW plant capable of producing 25 million pounds of cathode copper per year, a complete set of PLS and raffinate ponds, and full infrastructure (ancillary facilities, access, power, water, and communications).

Heap leaching of sulfide copper with accelerated pyrite oxidation is proposed in this PEA. The Project plans include mining oxide, sulfide, and transition material from the Burro and Copper Chief pits for 20 years and heap leaching for an additional year to produce copper cathode at a capacity up to 25 million pounds per annum (mppa).

To restart JCM for heap leaching, two developments need to take place simultaneously: pre-stripping and mine development, and the construction of a new heap leach pad, Pad 5. Both are considered to require between six and nine months to complete before irrigation of the new leach pad could commence. Piping of PLS and raffinate lines from Pad 5 to the JCM ponds also fits within this time frame. A PEA has been completed by M3 with respect to this planned re-opening.

Mining of JCM would be by traditional open pit and the highlights of the PEA financial model are tabulated below assuming a copper price of $3.75/lb.

The table below sets out the sensitivities of the After-Tax NPV and IRR to copper price:

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Robert Winton, SVP and General manager states, "We are very encouraged by the much-improved economics and low capex at Johnson Camp. We are aiming to complete all metallurgical testing this year along with additional optimization and design studies. A feasibility study is targeted in the first half of 2024. Subject to a successful feasibility study and financing, we plan on commencing construction later in 2024. The prospect of strong annual cashflow to fund the development of all our projects is very exciting."

Mineral Resources

The JCM Mineral Resources are provided in the table below.

Johnson Camp Mineral Resources
(0.1% CuT cut-off)

1. The Effective Date of the mineral resources is July 13, 2022.
2. The project mineral resources are comprised of all model blocks at a 0.1 % CuT cut-off that lie within optimized resource pits.
3. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
4. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
5. Rounding as required by reporting guidelines may result in apparent discrepancies between tons, grade, and contained metal content.

The JCM copper resources were modeled and estimated using information provided by Excelsior under Mr. Bickel's supervision. The information is derived from historical core holes drilled by Cyprus Mining, Arimetco, Summo USA Corp., and Nord Resources Corp, and new drilling completed by Excelsior in 2022. The drill hole database also includes analyses performed by Excelsior on the historical core. These data, as well as digital topography of the project area, were provided to RESPEC Company LLC ("RESPEC") by Excelsior.

Total copper grades, as well as soluble copper ratios, were interpolated using inverse distance, ordinary kriging, and nearest-neighbor methods. The mineral resources reported herein were estimated by inverse distance interpolation as this method led to results that most appropriately reflected the drill data and geology of the deposit. This is particularly true with respect to the estimation of the lowest-grade areas in the model, where potential over-estimation of volumes could materially impact the resource estimation at grades close to potential open-pit mining cut-offs. The nearest-neighbor estimation was completed for the purposes of statistical checking of the various estimation iterations.

The JCM mineral resources have been estimated to reflect potential open-pit extraction and potential processing by heap leaching. To meet the requirement of the resources having reasonable prospects for eventual economic extraction, a pit optimization was completed using the parameters summarized in the table below.

The pit shells created using these optimization parameters were used to constrain the project resources for comparison purposes. An exclusion line was used to limit the pit optimization on the west side of the Burro Pit to prevent the pit optimizations from encroaching on the existing process plant and the historical leach pad. The in-pit resources were further constrained by the application of a cut-off of 0.1% CuT to all model blocks within the optimized pits.

Mr. Jeffrey Bickel, C.P.G., with the independent firm RESPEC of Reno, Nevada, is a Qualified Person as defined by NI 43-101 and is responsible for this mineral resource estimate. He has verified, reviewed and approved the technical disclosure contained in this section of the news release. Mr. Bickel has verified the data underlying the results by reviewing the drilling, sampling, assay, and quality assurance and quality control data, as well as the geologic interpretations completed by Excelsior. Mr. Bickel is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect its estimate of mineral resources.

PEA Assumptions

The JCM plan has been developed based on a new mineral resource estimate for the Burro and Copper Chief deposits. The mine plan targets the full resource at Johnson Camp over a 20-year period. A contract miner will be executing the mining of the pits and delivering material to the primary crusher.

Mining of the deposit is expected to be accomplished with 100-ton haul trucks and front-end loaders. Mining is planned on 20-ft bench heights. The pit configuration is double-benched with catch benches every vertical 40 ft. An annual schedule was developed for the mine plan. Crushed and agglomerated material will be processed by placement on the newly permitted leach pad. This tonnage production is limited by the copper production capacity of the existing SX-EW plant of 25 million pounds of copper per year.

The mining contractor is expected to be responsible for mine supervision, equipment operation, equipment maintenance, and blast hole drilling and loading. The reference to specific equipment manufacturers is to illustrate equipment size and is not to be considered a recommendation. Production drilling is expected to be accomplished with Epiroc DM45 class drills or similar. Loading is expected to be accomplished with 14-yard CAT 992 class front-end loaders. Haul trucks are planned to be CAT 777 class 100-ton trucks.

The existing leach pads (Pads 1, 2 & 3) will not be used for future mining for new material extracted from the Burro and Copper Chief pits. The new leach pad area, Pad 5, is to be located northeast of the existing plant facility and is to be designed such that leach solutions flow by gravity into the new combined ILS-PLS pond located down slope of the new leach pad. The PLS solution will be pumped back to the existing JCM SX-EW plant. A storm water pond is also provided.

The Johnson Camp Mine is currently covered under Aquifer Protection Permit P-100514. Excelsior has obtained a significant amendment to the existing APP to accommodate mining at JCM from the Burro Pit. A new facility, Leach Pad 5, with associated impoundments has been added to the existing APP to accommodate resumption of mining at JCM.

The full capital cost for restarting the JCM heap leaching operation including mining pre-production, first fills/Owner's costs, leach pad construction, new leach pad stacking system, crusher and agglomeration refurbishment and haul road construction is approximately $58.9 million. Staffing for the JCM project is mostly in place however several new hires will be needed to augment the existing staff.

JCM Opportunities

1. Additional infill and step-out drilling, including drilling focused on deeper sulfides, could yield increased tonnage and/or grade in some areas within the mineral resource.
2. Detailed mine planning and scheduling may result in higher production rates and reduced mining unit costs. Mine plan optimization could bring higher grade material closer to start for better initial cash flow and could reduce waste tons.
3. Planned metallurgical test work on sulfides and transitional mineralization in 2023 could generate higher recoveries or lower acid consumptions than presently estimated and demonstrate that less crushing is required.
4. The estimated capital required for the JCM Project has been prepared to a PEA level. Additional detailed engineering work may reduce this cost.
5. Relocating the existing waste rock stockpile could be performed with smaller, cheaper equipment as well as timed later in the mine schedule to increase near-term revenue.
6. The copper price used for this study is $3.75/lb. Current copper spot copper prices are above this price level and may continue to increase, given the continued emphasis by the US and other governments towards renewable energy sources and electrification of transportation. Copper has a large role to play in these "green" initiatives.
7. Expansion of the current SX-EW facility to a production capacity of 50 mlbs per annum could be evaluated in a trade-off study to evaluate whether it would improve the project economics by increasing the cash flow.
8. Demonstration of successful leaching of sulfide and transitional material could provide opportunities for mining additional satellite deposits that are known to exist in the Johnson Camp District, including the Strong and Harris and Gunnison deposits.
9. Integration of planning efforts for the Johnson Camp, Strong and Harris, and Gunnison deposits could reveal synergies or development strategies for improving financial returns and increasing the mine life.

JCM Risks

1. Metallurgical test work to be performed on sulfides and transitional mineralization in 2023 could generate lower recoveries or higher acid consumptions that presently estimated.
2. This testing could also indicate that finer crushing is required to achieve high copper recoveries.
3. The acid price could remain high in the short term and could increase the operating cost of heap leaching.
4. Other reagent costs, principally diluent and extractant, could increase materially, increasing SX-EW operating costs.
5. The current increased price of natural gas which is used by the local generating company could impact the long-term cost of power needed for the Project.
6. The selected PEA copper price of $3.75/lb could be subject to volatility due to external factors.
7. More detailed engineering designs could result in higher costs.
8. Increased lead times for construction could materially delay the start of leaching and generation of revenue.
9. The cost of financing capital for the JCM heap leach could become prohibitive.
10. Obtaining the necessary environmental permit amendments could take longer than anticipated.
11. Changes to the new Pad 5 permit may be required to optimize sulfide leaching which could delay mine start-up.

Recommendations

Excelsior should complete the current metallurgical program and, if warranted, proceed to a feasibility study and then detailed engineering for the leach pad and crusher refurbishment.

GUNNISON PROJECT PREFEASIBILITY STUDY

Highlights of the PFS (United States dollars)

• Net Present Value ("NPV") of $1,167 million after-tax
  • at 7.5% discount rate using a life of mine ("LOM") average copper price of $3.75/lb;
• Internal Rate of Return ("IRR") of 37.5% after-tax;
• Pre-production capital costs of $47.6 million
  • includes 15% contingency, EPCM, freight, mobile equipment, owner's costs and capital spares;
• Payback period for pre-production capital of 6.7 years after-tax;
• Average life of mine operating costs of $0.945/lb;
• Total Operating Cash Cost (including royalties, non-income taxes, salvage, reclamation and closure) of $1.225/lb
• All-In Cost (LOM capital costs plus operating costs) of $1.727/lb;
• Life of Mine: 2,154 million pounds of commercial production over 24 years;
• Staged production profile: initial production rate of 25 million pounds of copper cathode per annum, followed by an intermediate expansion stage to 75 million pounds per annum and final expansion stage to full production of 125 million pounds per annum (includes the construction of an acid plant at full production). The staged production profile makes possible the funding of future expansions out of cash flow;
• Approximately 15 months of wellfield pre-conditioning (additional operations) to dissolve and remove calcite, along with the addition of a raffinate neutralization plant to assist with the flushing and removal of accumulated CO₂ gas;
• Requirement for some additional work to reduce risk and optimize process and production.

A detailed sensitivity analysis to copper price is set out below under the heading "Financial Analysis". In addition, the risks and opportunities associated with the Gunnison Project are discussed below.

The PFS was completed by M3 Engineering & Technology Corporation ("M3") of Tucson, AZ and is effective as of February 1, 2023. The PFS was updated because of the need to update the JCM PEA, which is contained in the same report.

Financial Analysis

The PFS base case generates an after-tax NPV of approximately $1,166.5 million (at a cash flow discount of 7.5%) and an IRR of 37.5%. This financial analysis is based on a number of assumptions which are fully set out in the Report.

The base case uses the following parameters over the 24-years of production:

• Copper selling price of $3.75/lb
• Total copper recovery of approximately 48% (based on a combination of metallurgical recovery and estimated sweep efficiency);
• Average of approximately 9.5 pounds of acid consumed for every pound of copper produced;
• Acid plant construction in year 7 with the price of sulfuric acid prior to that of approximately $150/ton and the price of sulfur of $130 per ton delivered after that:
• Combined state and federal tax rate of 25.9%;
• Staged production commencing at 25 million pounds per annum, ramping up to 75 million pounds in year 4, and then to 125 million pounds per annum in Year 7.
• The introduction of an additional year of pre-production calcite removal and neutralized raffinate flushing for every well to address CO₂ flow restrictions.

Total initial (pre-breakthrough) capital expenditures (including 15% contingency, EPCM, capital spares, owner's costs, mobile equipment and freight) are estimated at $47.6 million for Stage 1 initial production of copper cathode at approximately 25 million pounds per annum. Total sustaining capital costs over the life of the mine are $1,080.8 million, which includes production wellfield expansion, SX-EW expansion, acid plant construction and water treatment facilities. The average life of mine Direct Operating Cash Cost is $0.945/lb and the average life of mine Total Operating Cash Cost (including royalties, non-income taxes, salvage, reclamation, and closure) is $1.225/lb.

The Company has also evaluated an Alternate case without an Acid Plant. This case generated a pre-tax NPV@7.5% of $1,177.8 million and an IRR of 41.0% (after-tax: NPV@7.5% of $975.5 million and IRR of 38.1%). Total initial capital expenditures remain the same as the "Acid Plant" scenario. Total sustaining capital costs over the life of the mine are $879.7 million, which includes production well-field expansion, SX-EW expansion and water treatment facilities. Average life of mine Operating Direct Cash Costs are estimated at $1.35/lb for the "No-Acid Plant" option with an average life of mine Total Operating Cash Cost of $1.63 per pound.

Sensitivity analysis is shown in the table below.

Base Case After - Tax Sensitivities ($millions)

The Alternate Case economic after-tax sensitivities are shown in the table below.

Alternate Case After - Tax Sensitives ($millions)

Mineral Resources and Mineral Reserves

Mineral Resource Estimate

The mineral resource estimate for the North Star Deposit is based on results from 122 drill holes totalling 158,785 feet and is effective as of October 1, 2016 (unchanged from the original 2016 Feasibility Study on the Gunnison Project). The estimate is classified as a measured, indicated or inferred mineral resource, consistent with the CIM definitions referred to in NI 43-101. Excelsior is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect its estimate of mineral resources.

Notes:

1. Mineral Resources are inclusive of Mineral Reserves.
2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. Oxidized + Transitional Mineral Resources are reported at a 0.05% total-copper cut-off in consideration of potential mining by in situ recovery.

The North Star mineral resources were modeled to reflect the detailed lithologic, structural, and oxidation modeling completed by Excelsior. Copper mineral domains were interpreted on east-west vertical cross sections on 100-foot spacing, which encompass the 2.3-mile north-south and 1.3-mile east-west extents of the deposit. These domains were then used to explicitly constrain the estimation of copper grades into 50 x 100 x 25-foot (x, y, z) model blocks using 20-foot composites and inverse-distance interpolation. The grade estimation is further controlled by the incorporation of search ellipses that reflect the orientations of modeled structural zones, as well as those of favorable stratigraphic units in areas unaffected by the structures.

All samples were prepared from manually split half-core sections on-site in Arizona. Split drill core samples were then sent to Skyline Assayers & Laboratories ("Skyline") in Tucson, Arizona, an independent laboratory, for Total Copper and Sequential Copper analyses. Skyline is accredited with international standard ISO/IEC 17025:2005 General Requirements for the Competence of Testing and Calibration Laboratories. Analytical results for Total Copper, Acid Soluble Copper, and Cyanide Soluble Copper were reported. Excelsior has no relationship with Skyline Labs other than Skyline being a service provider. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control Program.

Mr. Jeffrey Bickel, C.P.G., with the independent firm RESPEC of Reno, Nevada, is a Qualified Person as defined by NI 43-101 and is responsible for this mineral resource estimate. He has verified, reviewed, and approved the technical disclosure contained in this section of the news release. Mr. Bickel has verified the data underlying the results by reviewing the drilling, sampling, assay, and quality assurance and quality control data, as well as the geologic interpretations completed by Excelsior. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Mineral Reserve Estimate

The PFS mineral reserve is based on an economic analysis of the mineral resource using a copper price of $2.75/lb and key parameters developed from prior test work. The economic optimization was performed on Measured and Indicated Resources at a cut-off grade of 0.05% Total Cu ("CuT"). EBIT (earnings before interest and tax) was calculated on a resource block-by block-basis using the key economic and technical parameters. For a column of resource blocks to be included in the reserve, the capital costs of establishing the wells for those blocks would have to be less than the combine EBIT for the same blocks. The mineral reserve was estimated after applying engineering and operational design parameters which removed the thinner and deeper portions of the mineral resource. Internal dilution has been included in the final mineral reserve estimate. RESPEC is of the opinion that the mineral reserve estimate derived in this PFS reasonably quantifies the economical mineralization of the North Star Deposit. The reserve estimate is as of October 1, 2016 and the mineral reserves presented in the table below are included in the mineral resource estimate set out above.

1. 48% of the total copper reserve is considered recoverable.

Mr. Neil Prenn, with the independent firm RESPEC of Reno, Nevada, is a Qualified Person as defined by NI 43-101 and is responsible for reviewing and approving this mineral reserve estimate. He has verified, reviewed and approved the technical disclosure contained in this section of the news release. Mr. Prenn has verified the data underlying the results by reviewing the drilling, sampling, assay, and quality assurance and quality control data, as well as the geologic interpretations completed by Excelsior.

Risks

A number of risks are highlighted in the Report. Those that are more specific to in-situ mining include:

• Potential for lower than predicted (modelled) sweep efficiency.
• Potential for mineral precipitates to restrict flow paths, porosity, and permeability.
• Potential for gas bubbles to restrict flow paths, porosity, and permeability.
• Flushing with neutralized raffinate to remove CO₂ may be less effective than modelled.
• The observed CO₂ attenuation could be masking other wellfield problems.
• Short circuiting can occur through very permeable structures, reducing overall sweep efficiency and affecting modelled parameters.

Opportunities

Opportunities at Gunnison are also highlighted in the Report. Those that are related to in-situ mining include:

• Well stimulation has the potential to alleviate or solve CO₂ gas blocking and greatly improve porosity, permeability, sweep efficiency and flow rates.
• Grouting, down-hole packers, and down-hole flow control valves have the potential to minimize short circuiting.
• Wellfield optimization including well spacing, pump sizing, borehole diameter, hole configuration and down-hole differential flow control have the potential to greatly improve wellfield performance.
• Anticipated copper recoveries could be higher than the estimate of 48 percent of total copper, which would increase total revenue during the life of the mine.
• The conversion of the 187.2 million tons of inferred mineral resources to measured or indicated categories has the potential to increase mineral reserves.
• The Project has high quality limestone resources that could be used to supplement imported lime in the water treatment process.

Recommendations

A number of recommendations included in the Report are aimed at improving wellfield performance, reducing risk, and tightening up engineering and design prior to construction of the raffinate neutralization plant. Excelsior intends to investigate and implement these recommendations prior to further development which include:

• Well Stimulation Trials: Well stimulation trials should be undertaken to determine if the technique(s) have the potential to alleviate or solve CO₂ blocking, improve connectiveness, and increase flow rates and sweep efficiency. Given that the results of well stimulation have the potential to reduce the need for raffinate neutralization or change the design criteria for the neutralization plant, it should be undertaken before or in parallel with design activities on the water treatment plant. Well stimulation is allowed under Class III Underground Injection Control permits but requires EPA approval of the stimulation programs.
• Metallurgical Testwork Recommendations: Investigating in situ leaching with different lixiviants as opportunities to leach metals without the formation of gypsum.
• Wellfield Recommendations: Conducting experimentation to ensure that neutralized raffinate is effective in dissolving CO₂ in the subsurface while the engineering, procurement, and construction is at an early stage to enhance the water treatment design criteria.
• Water Treatment: A scope of work and bid package should be assembled to select a water treatment vendor to design the water treatment system. Selection criteria should favor rapid, low-cost solutions to demonstrate that the technology is effective in solving the wellfield challenges.

TECHNICAL REPORT AND QUALIFIED PERSONS

The Report is now filed on SEDAR and available on Excelsior's website. The Report consists of a summary of the PFS and the PEA. The Report was prepared under the supervision of Richard Zimmerman, SME-RM of M3 Engineering & Technology Corporation, Tucson, Arizona, who is a Qualified Person that is independent of the Company. The Report will also receive contributions from the following additional Qualified Persons, who are also independent of the Company:

• Mr. Richard Zimmerman, of M3 Engineering & Technology Corporation, Tucson, Arizona (recovery methods, capital and operating costs, and economic analysis).
• Mr. Jeffrey Bickel of RESPEC of Reno, Nevada (geology and mineral resource).
• Mr. Neil Prenn, of RESPEC of Reno, Nevada (mineral reserve).
• Mr. Thomas Dyer, of RESPEC of Reno, Nevada (mining methods).
• Dr. Robert J. Bowell of SRK Consulting, Cardiff, UK (wellfield).
• Dr. Terence P. McNulty of T.P. McNulty & Associates of Tucson, Arizona (metallurgy).
• Mr. R. Douglas Bartlett, of Clear Creek and Associates of Phoenix, Arizona (hydrology, mining method, permitting and environment).

Each of these Qualified Persons has reviewed and approved the technical information contained in this news release that is relevant to their area of responsibility and verified the data underlying such technical information.

About Excelsior Mining

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) expectations for the resolution of carbon dioxide issues and increased flow rates; (ii) the future development plans for the Gunnison Project and Johnson Camp; (iii) operating and capital costs estimates, along with the economics of the Gunnison Project and JCM; (iv) the intention to mine Johnson Camp and future production therefrom; (v) the results of the PFS and PEA; and (vi) timelines for permitting, feasibility studies and future production.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156369

Phoenix, Arizona--(Newsfile Corp. - February 22, 2023) - Excelsior Mining Corp. (TSX: MIN) (OTCQB: EXMGF) (FSE: 3XS) ("Excelsior" or the "Company") announces that Stephen Twyerould President & CEO, and Robert Winton SVP & General Manager, will be presenting a live-video webinar with Q&A on Wednesday, March 1^st at 4:05 pm (EST). The event will be hosted by Amvest Capital. Those wishing to participate in the video-webinar can do so by Registering Here.

CLICK HERE TO REGISTER TO THE WEBINAR

About Excelsior Mining

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the future development plans for the Gunnison Project and its status as a low cost environmentally friendly in-situ recovery copper extraction project;(ii) operating and capital costs estimates, along with the economics of the Gunnison Project; (iii) the intention to mine Johnson Camp and future production therefrom; and (iv) future development of exploration projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155822

Phoenix, Arizona--(Newsfile Corp. - February 22, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce the results of its Updated Preliminary Economic Assessment ("PEA") on the Johnson Camp Mine Heap Leach, located in Cochise County, southeastern Arizona. The PEA considers the results of the drill program completed in 2022 and the implementation of sulfide leaching technology to improve recoveries. As part of the PEA, the combined report (the "Report") will also include a republishing of the Prefeasibility Study Update ("PFS") on the North Star Deposit of the Gunnison Copper Project. The Gunnison Project is designed as a copper in-situ recovery ("ISR") mine using solvent extraction-electrowinning ("SX-EW") to produce copper cathode and the Johnson Camp mine is a conventional open pit and heap leach operation. Results of the PFS and PEA disclosed in this press release are in United States dollars.

JOHNSON CAMP HEAP LEACH PRELIMINARY ECONOMIC ASSESSMENT

Economic Analysis

The Johnson Camp Mine ("JCM") has historically been an open pit, heap leach operation since Cyprus Minerals opened the property in the 1970's. The operation includes two open pits, a two-stage crushing-agglomerating circuit, a fully functioning SX-EW plant capable of producing 25 million pounds of cathode copper per year, a complete set of PLS and raffinate ponds, and full infrastructure (ancillary facilities, access, power, water, and communications).

Heap leaching of sulfide copper with accelerated pyrite oxidation is proposed in this PEA. The Project plans include mining oxide, sulfide, and transition material from the Burro and Copper Chief pits for 20 years and heap leaching for an additional year to produce copper cathode at a capacity up to 25 million pounds per annum (mppa).

To restart JCM for heap leaching, two developments need to take place simultaneously: pre-stripping and mine development, and the construction of a new heap leach pad, Pad 5. Both are considered to require between six and nine months to complete before irrigation of the new leach pad could commence. Piping of PLS and raffinate lines from Pad 5 to the JCM ponds also fits within this time frame. A PEA has been completed by M3 with respect to this planned re-opening.

Mining of JCM would be by traditional open pit and the highlights of the PEA financial model are tabulated below assuming a copper price of $3.75/lb.

The table below sets out the sensitivities of the After-Tax NPV and IRR to copper price:

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Mineral Resources

The JCM Mineral Resources are provided in the table below.

Johnson Camp Mineral Resources
(0.1% CuT cut-off)

1. The Effective Date of the mineral resources is July 13, 2022.
2. The project mineral resources are comprised of all model blocks at a 0.1 % CuT cut-off that lie within optimized resource pits.
3. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
4. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
5. Rounding as required by reporting guidelines may result in apparent discrepancies between tons, grade, and contained metal content.

The JCM copper resources were modeled and estimated using information provided by Excelsior under Mr. Bickel's supervision. The information is derived from historical core holes drilled by Cyprus Mining, Arimetco, Summo USA Corp., and Nord Resources Corp, and new drilling completed by Excelsior in 2022. The drill hole database also includes analyses performed by Excelsior on the historical core. These data, as well as digital topography of the project area, were provided to RESPEC Company LLC ("RESPEC") by Excelsior.

Total copper grades, as well as soluble copper ratios, were interpolated using inverse distance, ordinary kriging, and nearest-neighbor methods. The mineral resources reported herein were estimated by inverse distance interpolation as this method led to results that most appropriately reflected the drill data and geology of the deposit. This is particularly true with respect to the estimation of the lowest-grade areas in the model, where potential over-estimation of volumes could materially impact the resource estimation at grades close to potential open-pit mining cut-offs. The nearest-neighbor estimation was completed for the purposes of statistical checking of the various estimation iterations.

The JCM mineral resources have been estimated to reflect potential open-pit extraction and potential processing by heap leaching. To meet the requirement of the resources having reasonable prospects for eventual economic extraction, a pit optimization was completed using the parameters summarized in the table below.

The pit shells created using these optimization parameters were used to constrain the project resources for comparison purposes. An exclusion line was used to limit the pit optimization on the west side of the Burro Pit to prevent the pit optimizations from encroaching on the existing process plant and the historical leach pad. The in-pit resources were further constrained by the application of a cut-off of 0.1% CuT to all model blocks within the optimized pits.

Mr. Jeffrey Bickel, C.P.G., with the independent firm RESPEC of Reno, Nevada, is a Qualified Person as defined by NI 43-101 and is responsible for this mineral resource estimate. He has verified, reviewed and approved the technical disclosure contained in this section of the news release. Mr. Bickel has verified the data underlying the results by reviewing the drilling, sampling, assay, and quality assurance and quality control data, as well as the geologic interpretations completed by Excelsior. Mr. Bickel is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect its estimate of mineral resources.

PEA Assumptions

The JCM plan has been developed based on a new mineral resource estimate for the Burro and Copper Chief deposits. The mine plan targets the full resource at Johnson Camp over a 20-year period. A contract miner will be executing the mining of the pits and delivering material to the primary crusher.

Mining of the deposit is expected to be accomplished with 100-ton haul trucks and front-end loaders. Mining is planned on 20-ft bench heights. The pit configuration is double-benched with catch benches every vertical 40 ft. An annual schedule was developed for the mine plan. Crushed and agglomerated material will be processed by placement on the newly permitted leach pad. This tonnage production is limited by the copper production capacity of the existing SX-EW plant of 25 million pounds of copper per year.

The mining contractor is expected to be responsible for mine supervision, equipment operation, equipment maintenance, and blast hole drilling and loading. The reference to specific equipment manufacturers is to illustrate equipment size and is not to be considered a recommendation. Production drilling is expected to be accomplished with Epiroc DM45 class drills or similar. Loading is expected to be accomplished with 14-yard CAT 992 class front-end loaders. Haul trucks are planned to be CAT 777 class 100-ton trucks.

The existing leach pads (Pads 1, 2 & 3) will not be used for future mining for new material extracted from the Burro and Copper Chief pits. The new leach pad area, Pad 5, is to be located northeast of the existing plant facility and is to be designed such that leach solutions flow by gravity into the new combined ILS-PLS pond located down slope of the new leach pad. The PLS solution will be pumped back to the existing JCM SX-EW plant. A storm water pond is also provided.

The Johnson Camp Mine is currently covered under Aquifer Protection Permit P-100514. Excelsior has obtained a significant amendment to the existing APP to accommodate mining at JCM from the Burro Pit. A new facility, Leach Pad 5, with associated impoundments has been added to the existing APP to accommodate resumption of mining at JCM.

The full capital cost for restarting the JCM heap leaching operation including mining pre-production, first fills/Owner's costs, leach pad construction, new leach pad stacking system, crusher and agglomeration refurbishment and haul road construction is approximately $58.9 million. Staffing for the JCM project is mostly in place however several new hires will be needed to augment the existing staff.

JCM Opportunities

1. Additional infill and step-out drilling, including drilling focused on deeper sulfides, could yield increased tonnage and/or grade in some areas within the mineral resource.
2. Detailed mine planning and scheduling may result in higher production rates and reduced mining unit costs. Mine plan optimization could bring higher grade material closer to start for better initial cash flow and could reduce waste tons.
3. Planned metallurgical test work on sulfides and transitional mineralization in 2023 could generate higher recoveries or lower acid consumptions than presently estimated and demonstrate that less crushing is required.
4. The estimated capital required for the JCM Project has been prepared to a PEA level. Additional detailed engineering work may reduce this cost.
5. Relocating the existing waste rock stockpile could be performed with smaller, cheaper equipment as well as timed later in the mine schedule to increase near-term revenue.
6. The copper price used for this study is $3.75/lb. Current copper spot copper prices are above this price level and may continue to increase, given the continued emphasis by the US and other governments towards renewable energy sources and electrification of transportation. Copper has a large role to play in these "green" initiatives.
7. Expansion of the current SX-EW facility to a production capacity of 50 mlbs per annum could be evaluated in a trade-off study to evaluate whether it would improve the project economics by increasing the cash flow.
8. Demonstration of successful leaching of sulfide and transitional material could provide opportunities for mining additional satellite deposits that are known to exist in the Johnson Camp District, including the Strong and Harris and Gunnison deposits.
9. Integration of planning efforts for the Johnson Camp, Strong and Harris, and Gunnison deposits could reveal synergies or development strategies for improving financial returns and increasing the mine life.

JCM Risks

1. Metallurgical test work to be performed on sulfides and transitional mineralization in 2023 could generate lower recoveries or higher acid consumptions that presently estimated.
2. This testing could also indicate that finer crushing is required to achieve high copper recoveries.
3. The acid price could remain high in the short term and could increase the operating cost of heap leaching.
4. Other reagent costs, principally diluent and extractant, could increase materially, increasing SX-EW operating costs.
5. The current increased price of natural gas which is used by the local generating company could impact the long-term cost of power needed for the Project.
6. The selected PEA copper price of $3.75/lb could be subject to volatility due to external factors.
7. More detailed engineering designs could result in higher costs.
8. Increased lead times for construction could materially delay the start of leaching and generation of revenue.
9. The cost of financing capital for the JCM heap leach could become prohibitive.
10. Obtaining the necessary environmental permit amendments could take longer than anticipated.
11. Changes to the new Pad 5 permit may be required to optimize sulfide leaching which could delay mine start-up.

Recommendations

Excelsior should complete the current metallurgical program and, if warranted, proceed to a feasibility study and then detailed engineering for the leach pad and crusher refurbishment.

GUNNISON PROJECT PREFEASIBILITY STUDY

Highlights of the PFS (United States dollars)

• Net Present Value ("NPV") of $1,167 million after-tax
  • at 7.5% discount rate using a life of mine ("LOM") average copper price of $3.75/lb;
• Internal Rate of Return ("IRR") of 37.5% after-tax;
• Pre-production capital costs of $47.6 million
  • includes 15% contingency, EPCM, freight, mobile equipment, owner's costs and capital spares;
• Payback period for pre-production capital of 6.7 years after-tax;
• Average life of mine operating costs of $0.945/lb;
• Total Operating Cash Cost (including royalties, non-income taxes, salvage, reclamation and closure) of $1.225/lb
• All-In Cost (LOM capital costs plus operating costs) of $1.727/lb;
• Life of Mine: 2,154 million pounds of commercial production over 24 years;
• Staged production profile: initial production rate of 25 million pounds of copper cathode per annum, followed by an intermediate expansion stage to 75 million pounds per annum and final expansion stage to full production of 125 million pounds per annum (includes the construction of an acid plant at full production). The staged production profile makes possible the funding of future expansions out of cash flow;
• Approximately 15 months of wellfield pre-conditioning (additional operations) to dissolve and remove calcite, along with the addition of a raffinate neutralization plant to assist with the flushing and removal of accumulated CO₂ gas;
• Requirement for some additional work to reduce risk and optimize process and production.

A detailed sensitivity analysis to copper price is set out below under the heading "Financial Analysis". In addition, the risks and opportunities associated with the Gunnison Project are discussed below.

The PFS was completed by M3 Engineering & Technology Corporation ("M3") of Tucson, AZ and is effective as of February 1, 2023. The Technical Report (the "Report") summarizing the results of the PFS and prepared in accordance with National Instrument ("NI") 43-101, will be filed on SEDAR and Excelsior's website within 45 days of this news release. The PFS was updated because of the need to update the JCM PEA, which is contained in the same report.

Financial Analysis

The PFS base case generates an after-tax NPV of approximately $1,166.5 million (at a cash flow discount of 7.5%) and an IRR of 37.5%. This financial analysis is based on a number of assumptions which will be fully set out in the Report.

The base case uses the following parameters over the 24-years of production:

• Copper selling price of $3.75/lb
• Total copper recovery of approximately 48% (based on a combination of metallurgical recovery and estimated sweep efficiency);
• Average of approximately 9.5 pounds of acid consumed for every pound of copper produced;
• Acid plant construction in year 7 with the price of sulfuric acid prior to that of approximately $150/ton and the price of sulfur of $130 per ton delivered after that:
• Combined state and federal tax rate of 25.9%;
• Staged production commencing at 25 million pounds per annum, ramping up to 75 million pounds in year 4, and then to 125 million pounds per annum in Year 7.
• The introduction of an additional year of pre-production calcite removal and neutralized raffinate flushing for every well to address CO₂ flow restrictions.

Total initial (pre-breakthrough) capital expenditures (including 15% contingency, EPCM, capital spares, owner's costs, mobile equipment and freight) are estimated at $47.6 million for Stage 1 initial production of copper cathode at approximately 25 million pounds per annum. Total sustaining capital costs over the life of the mine are $1,080.8 million, which includes production wellfield expansion, SX-EW expansion, acid plant construction and water treatment facilities. The average life of mine Direct Operating Cash Cost is $0.945/lb and the average life of mine Total Operating Cash Cost (including royalties, non-income taxes, salvage, reclamation, and closure) is $1.225/lb.

The Company has also evaluated an Alternate case without an Acid Plant. This case generated a pre-tax NPV@7.5% of $1,177.8 million and an IRR of 41.0% (after-tax: NPV@7.5% of $975.5 million and IRR of 38.1%). Total initial capital expenditures remain the same as the "Acid Plant" scenario. Total sustaining capital costs over the life of the mine are $879.7 million, which includes production well-field expansion, SX-EW expansion and water treatment facilities. Average life of mine Operating Direct Cash Costs are estimated at $1.35/lb for the "No-Acid Plant" option with an average life of mine Total Operating Cash Cost of $1.63 per pound.

Sensitivity analysis is shown in the table below.

Base Case After – Tax Sensitivities ($millions)

The Alternate Case economic after-tax sensitivities are shown in the table below.

Alternate Case After – Tax Sensitives ($millions)

Mineral Resources and Mineral Reserves

Mineral Resource Estimate

The mineral resource estimate for the North Star Deposit is based on results from 122 drill holes totalling 158,785 feet and is effective as of October 1, 2016 (unchanged from the original 2016 Feasibility Study on the Gunnison Project). The estimate is classified as a measured, indicated or inferred mineral resource, consistent with the CIM definitions referred to in NI 43-101. Excelsior is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect its estimate of mineral resources.

Notes:

1. Mineral Resources are inclusive of Mineral Reserves.
2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. Oxidized + Transitional Mineral Resources are reported at a 0.05% total-copper cut-off in consideration of potential mining by in situ recovery.

The North Star mineral resources were modeled to reflect the detailed lithologic, structural, and oxidation modeling completed by Excelsior. Copper mineral domains were interpreted on east-west vertical cross sections on 100-foot spacing, which encompass the 2.3-mile north-south and 1.3-mile east-west extents of the deposit. These domains were then used to explicitly constrain the estimation of copper grades into 50 x 100 x 25-foot (x, y, z) model blocks using 20-foot composites and inverse-distance interpolation. The grade estimation is further controlled by the incorporation of search ellipses that reflect the orientations of modeled structural zones, as well as those of favorable stratigraphic units in areas unaffected by the structures.

All samples were prepared from manually split half-core sections on-site in Arizona. Split drill core samples were then sent to Skyline Assayers & Laboratories ("Skyline") in Tucson, Arizona, an independent laboratory, for Total Copper and Sequential Copper analyses. Skyline is accredited with international standard ISO/IEC 17025:2005 General Requirements for the Competence of Testing and Calibration Laboratories. Analytical results for Total Copper, Acid Soluble Copper, and Cyanide Soluble Copper were reported. Excelsior has no relationship with Skyline Labs other than Skyline being a service provider. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control Program.

Mr. Jeffrey Bickel, C.P.G., with the independent firm RESPEC of Reno, Nevada, is a Qualified Person as defined by NI 43-101 and is responsible for this mineral resource estimate. He has verified, reviewed, and approved the technical disclosure contained in this section of the news release. Mr. Bickel has verified the data underlying the results by reviewing the drilling, sampling, assay, and quality assurance and quality control data, as well as the geologic interpretations completed by Excelsior. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Mineral Reserve Estimate

The PFS mineral reserve is based on an economic analysis of the mineral resource using a copper price of $2.75/lb and key parameters developed from prior test work. The economic optimization was performed on Measured and Indicated Resources at a cut-off grade of 0.05% Total Cu ("CuT"). EBIT (earnings before interest and tax) was calculated on a resource block-by block-basis using the key economic and technical parameters. For a column of resource blocks to be included in the reserve, the capital costs of establishing the wells for those blocks would have to be less than the combine EBIT for the same blocks. The mineral reserve was estimated after applying engineering and operational design parameters which removed the thinner and deeper portions of the mineral resource. Internal dilution has been included in the final mineral reserve estimate. RESPEC is of the opinion that the mineral reserve estimate derived in this PFS reasonably quantifies the economical mineralization of the North Star Deposit. The reserve estimate is as of October 1, 2016 and the mineral reserves presented in the table below are included in the mineral resource estimate set out above.

1. 48% of the total copper reserve is considered recoverable.

Mr. Neil Prenn, with the independent firm RESPEC of Reno, Nevada, is a Qualified Person as defined by NI 43-101 and is responsible for reviewing and approving this mineral reserve estimate. He has verified, reviewed and approved the technical disclosure contained in this section of the news release. Mr. Prenn has verified the data underlying the results by reviewing the drilling, sampling, assay, and quality assurance and quality control data, as well as the geologic interpretations completed by Excelsior.

Risks

A number of risks are highlighted in the Report. Those that are more specific to in-situ mining include:

• Potential for lower than predicted (modelled) sweep efficiency.
• Potential for mineral precipitates to restrict flow paths, porosity, and permeability.
• Potential for gas bubbles to restrict flow paths, porosity, and permeability.
• Flushing with neutralized raffinate to remove CO₂ may be less effective than modelled.
• The observed CO₂ attenuation could be masking other wellfield problems.
• Short circuiting can occur through very permeable structures, reducing overall sweep efficiency and affecting modelled parameters.

Opportunities

Opportunities at Gunnison are also highlighted in the Report. Those that are related to in-situ mining include:

• Well stimulation has the potential to alleviate or solve CO₂ gas blocking and greatly improve porosity, permeability, sweep efficiency and flow rates.
• Grouting, down-hole packers, and down-hole flow control valves have the potential to minimize short circuiting.
• Wellfield optimization including well spacing, pump sizing, borehole diameter, hole configuration and down-hole differential flow control have the potential to greatly improve wellfield performance.
• Anticipated copper recoveries could be higher than the estimate of 48 percent of total copper, which would increase total revenue during the life of the mine.
• The conversion of the 187.2 million tons of inferred mineral resources to measured or indicated categories has the potential to increase mineral reserves.
• The Project has high quality limestone resources that could be used to supplement imported lime in the water treatment process.

Recommendations

A number of recommendations included in the report are aimed at improving wellfield performance, reducing risk, and tightening up engineering and design prior to construction of the raffinate neutralization plant. Excelsior intends to investigate and implement these recommendations prior to further development which include:

• Well Stimulation Trials: Well stimulation trials should be undertaken to determine if the technique(s) have the potential to alleviate or solve CO₂ blocking, improve connectiveness, and increase flow rates and sweep efficiency. Given that the results of well stimulation have the potential to reduce the need for raffinate neutralization or change the design criteria for the neutralization plant, it should be undertaken before or in parallel with design activities on the water treatment plant. Well stimulation is allowed under Class III Underground Injection Control permits but requires EPA approval of the stimulation programs.
• Metallurgical Testwork Recommendations: Investigating in situ leaching with different lixiviants as opportunities to leach metals without the formation of gypsum.
• Wellfield Recommendations: Conducting experimentation to ensure that neutralized raffinate is effective in dissolving CO₂ in the subsurface while the engineering, procurement, and construction is at an early stage to enhance the water treatment design criteria.
• Water Treatment: A scope of work and bid package should be assembled to select a water treatment vendor to design the water treatment system. Selection criteria should favor rapid, low-cost solutions to demonstrate that the technology is effective in solving the wellfield challenges.

TECHNICAL REPORT AND QUALIFIED PERSONS

The Report will be filed on SEDAR and on Excelsior's website within 45 days of the date of this news release. The Report will consist of a summary of the PFS. The Report is being prepared under the supervision of Richard Zimmerman, SME-RM of M3 Engineering & Technology Corporation, Tucson, Arizona, who is a Qualified Person that is independent of the Company. The Report will also receive contributions from the following additional Qualified Persons, who are also independent of the Company:

• Mr. Richard Zimmerman, of M3 Engineering & Technology Corporation, Tucson, Arizona (recovery methods, capital and operating costs, and economic analysis).
• Mr. Jeffrey Bickel of RESPEC of Reno, Nevada (geology and mineral resource).
• Mr. Neil Prenn, of RESPEC of Reno, Nevada (mineral reserve).
• Mr. Thomas Dyer, of RESPEC of Reno, Nevada (mining methods).
• Dr. Robert J. Bowell of SRK Consulting, Cardiff, UK (wellfield).
• Dr. Terence P. McNulty of T.P. McNulty & Associates of Tucson, Arizona (metallurgy).
• Mr. R. Douglas Bartlett, of Clear Creek and Associates of Phoenix, Arizona (hydrology, mining method, permitting and environment).

Each of these Qualified Persons has reviewed and approved the technical information contained in this news release that is relevant to their area of responsibility and verified the data underlying such technical information.

About Excelsior Mining

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) expectations for the resolution of carbon dioxide issues and increased flow rates; (ii) the future development plans for the Gunnison Project; (iii) operating and capital costs estimates, along with the economics of the Gunnison Project and JCM; (iv) the intention to mine Johnson Camp and future production therefrom; and (v) the results of the PFS and PEA.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155611

Phoenix, Arizona--(Newsfile Corp. - February 9, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that today it has closed its US$3 million private placement of unsecured convertible debentures (the "Debenture Offering"). Pursuant to the Debenture Offering, investors subscribed for a total of US$3 million principal amount of convertible debentures (the "Debentures"). The terms of the Debentures include:

• a maturity date of three years from the date of closing (the "Maturity Date"), with the principal amount, together with any accrued and unpaid interest, payable on the Maturity Date, unless earlier converted in accordance with the terms;
• the Debentures bear interest (the "Interest") at the rate of 10% per annum, which Interest will be payable on April 1, 2025 and on the Maturity Date, unless earlier converted into common shares of the Company ("Common Shares");
• the principal amount of the Debenture is convertible into Common Shares at the option of the holder at a conversion price of US$0.19 per Common Share;
• the accrued and unpaid Interest is convertible into Common Shares at a conversion price equal to the volume weighted average price of the Common Shares on the Toronto Stock Exchange for the five trading days prior to the date of conversion; and
• the Debentures are unsecured.

The Company intends to use the proceeds of the Debenture Offering for project development expenses and working capital.

Greenstone Resources L.P. ("Greenstone") and its affiliated entities currently hold 116,028,937 Common Shares (representing 41.86% of the Company's current issued and outstanding Common Shares). Greenstone also owns and controls 1,250,000 options to acquire Common Shares. Upon conversion of the Debentures held by Greenstone (assuming conversion of all interest payments on the maturity date, using a conversion price of US$0.19), Greenstone would acquire ownership and control over an additional 10,263,158 Common Shares, representing approximately 3.7% of the Company's current issued and outstanding Common Shares. As a result, together with the Common Shares it currently owns and controls, Greenstone would hold a total of 126,292,095 Common Shares, which will represent, in aggregate, approximately 43.93% of the issued and outstanding Common Shares (assuming conversion of only the Debentures held by Greenstone and assuming the conversion of all interest to maturity at US$0.19). Greenstone acquired the Debentures for investment purposes. Depending on market conditions and other factors, Greenstone may from time to time acquire and/or dispose of securities of Excelsior or continue to hold its current position. A copy of the early warning report required to be filed with the applicable securities commission in connection with the acquisition of the Debentures will be available on SEDAR at www.sedar.com and can be obtained by contacting Gavin Hayman at +44 1481749700. Greenstone's address is set out below:

Greenstone contact information
Greenstone Resources L.P.
PO Box 656, East Wing, Trafalgar Court,
Les Banques, St. Peter Port, Guernsey
GY1 3PP
Channel Islands

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), Greenstone's participation in the Debenture Offering constitutes a "related party transaction" as Greenstone is a related party of the Company. The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that at the time Greenstone's participation in the Debenture Offering was agreed to, neither the fair market value of the securities to be distributed in the Debenture Offering nor the consideration to be received for those securities, insofar as the Debenture Offering involved the related party, exceeds 25% of the Company's market capitalization. The Company will not file a material change report related to this financing more than 21 days before the expected closing of the Debenture Offering as required by MI 61-101, since the details of the participation by the related parties of the Company were not settled until just prior to closing and the Company wished to close on an expedited basis for sound business reasons. The Debentures and any underlying Common Shares that will be acquired by Greenstone will be acquired pursuant to an exemption from the prospectus requirement in section 2.3 of National Instrument 45-106.

The Company also announces that, in connection with the Second Amendment to the Amended and Restated Credit Agreement (the "Second Amended ARCA") with Nebari Natural Resources Credit Fund I LP ("Nebari"), it has issued 2,368,421 Common Shares to nominees of Nebari.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i)) the use of proceeds of the Debenture Offering; and (ii) future production and production capacity from the Company's mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154284

Excelsior Mining Corp. (TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) is pleased to announce that it and its wholly-owned subsidiary Excelsior Mining Arizona, Inc. (“Excelsior Arizona”) has agreed with Nebari Natural Resources Credit Fund I LP (“Nebari”) to extend the maturity date of its existing US$15 million credit facility to March 31, 2025. In addition, the Company has entered into agreements for a US$3 million private placement of unsecured convertible debentures (the “Debenture Offering”).

Credit Agreement Extension

The Company, Excelsior Arizona and Nebari have entered into a Second Amendment to the Amended and Restated Credit Agreement (the “Second Amended ARCA”). The Second Amended ARCA provides for the extension of the maturity date of the existing US$15 million credit facility to March 31, 2025 (the “Extension”).

The Extension is subject to certain conditions including completion of the Debenture Offering by February 17, 2023 and conclusion of certain agreements with Triple Flag International.

As consideration for the Second Amended ARCA, subject to Toronto Stock Exchange approval, the Company is required to issue common shares of the Company (“Common Shares”) to nominees of Nebari in a number equal to US$450,000.00, converted to Canadian dollars at an exchange rate equal to the average market rate posted by the Bank of Canada for the 5 days preceding the issuance, divided by the lower of (i) the conversion price of the Debenture Offering and (ii) the volume weighted adjusted price of the Common Shares for the 5 trading days immediately preceding the issuance. In addition, commencing January 31, 2024 the Company will begin amortizing US$5 million of the principal amount of the facility in monthly instalments of US$333,333.33. 

Debenture Offering

Pursuant to the Debenture Offering, investors will subscribe for a total of US$3 million principal amount of convertible debentures (the “Debentures”). The terms of the Debentures include:

• a maturity date of three years from the date of closing (the “Maturity Date”) and the principal amount, together with any accrued and unpaid interest, will be payable on the Maturity Date, unless earlier converted in accordance with their terms;
•  the Debentures bear interest (the “Interest”) at the rate of 10% per annum, which Interest will be payable on April 1, 2025 and on the Maturity Date, unless earlier converted into Common Shares;
• the principal amount of the Debenture is convertible into Common Shares at the option of the holder at a conversion price of US$0.19 per Common Share;
• the accrued and unpaid Interest is convertible into Common Shares at a conversion price equal to the volume weighted average trading price on the Toronto Stock Exchange for the five trading days prior to the date of conversion; and
• the Debentures are unsecured.

The Company intends to use the proceeds of the Debenture Offering for project development expenses and working capital. The closing of the Debenture Offering is subject to customary conditions, including the approval of the Toronto Stock Exchange.

Additional Information

Nebari is at arm's length to the Company. There are no commissions or finders' fees payable in connection with the transactions discussed in this news release. There is no assurance that the conditions to the Second Amended ARCA or closing of the Debenture Offering will be satisfied.

Greenstone and its affiliated entities currently hold 116,028,937 Common Shares (representing 42.22% of the Company's current issued and outstanding Common Shares).  Greenstone also owns and controls 1,250,000 options to acquire Common Shares. Upon closing of the Debenture Offering and conversion of the Debentures held by Greenstone (assuming conversion of all interest payments on the maturity date, using a conversion price of US$0.19), Greenstone would acquire ownership and control over an additional 10,263,158 Common Shares, representing approximately 3.7% of the Company’s current issued and outstanding Common Shares.  As a result, together with the Common Shares it currently owns and controls, Greenstone would hold a total of 126,292,095 Common Shares, which will represent, in aggregate approximately 44.3% of the issued and outstanding Common Shares (assuming conversion of only the Debentures held by Greenstone and assuming the conversion of all interest to maturity at US$0.19).

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), Greenstone's participation in the Debenture Offering constitutes a "related party transaction" as Greenstone is a related party of the Company. The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that at the time Greenstone's participation in the Debenture Offering was agreed to, neither the fair market value of the securities to be distributed in the Debenture Offering nor the consideration to be received for those securities, insofar as the Debenture Offering involved the related party, exceeds 25% of the Company's market capitalization. The Company will not file a material change report related to this financing more than 21 days before the expected closing of the Debenture Offering as required by MI 61-101 since the details of the participation by the related parties of the Company were not settled until just prior to closing and the Company wished to close on an expedited basis for sound business reasons.  The Common Shares that will be acquired by Greenstone will be acquired pursuant to an exemption from the prospectus requirement in section 2.3 of National Instrument 45-106.

About Excelsior Mining

Excelsior “The Copper Solution Company” is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it. 
www.excelsiormining.com 

Cautionary Note Regarding Forward-Looking Information 

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the completion of the conditions to the Second Amended ARCA; (ii) the closing of the Debenture Offering; (iii) the use of proceeds of the Debenture Offering; and (iv) future production and production capacity from the Company’s mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to implement the Company’s operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company’s business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian securities regulators.

This document corrects and replaces in its entirety the previous release that was issued by Excelsior Mining Corp. earlier today.

Phoenix, Arizona--(Newsfile Corp. - January 30, 2023) - Excelsior Mining Corp. (TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it and its wholly-owned subsidiary Excelsior Mining Arizona, Inc. ("Excelsior Arizona") has agreed with Nebari Natural Resources Credit Fund I LP ("Nebari") to extend the maturity date of its existing US$15 million credit facility to March 31, 2025. In addition, the Company has entered into agreements for a US$3 million private placement of unsecured convertible debentures (the "Debenture Offering").

Credit Agreement Extension

The Company, Excelsior Arizona and Nebari have entered into a Second Amendment to the Amended and Restated Credit Agreement (the "Second Amended ARCA"). The Second Amended ARCA provides for the extension of the maturity date of the existing US$15 million credit facility to March 31, 2025 (the "Extension").

The Extension is subject to certain conditions including completion of the Debenture Offering by February 17, 2023 and conclusion of certain amendments to the Company's metal stream agreement.

As consideration for the Second Amended ARCA, subject to Toronto Stock Exchange approval, the Company is required to issue common shares of the Company ("Common Shares") to nominees of Nebari in a number equal to US$450,000.00, converted to Canadian dollars at an exchange rate equal to the average market rate posted by the Bank of Canada for the 5 days preceding the issuance, divided by the lower of (i) the conversion price of the Debenture Offering and (ii) the volume weighted adjusted price of the Common Shares for the 5 trading days immediately preceding the issuance. In addition, commencing January 31, 2024 the Company will begin amortizing US$5 million of the principal amount of the facility in monthly instalments of US$333,333.33.

Debenture Offering

Pursuant to the Debenture Offering, investors will subscribe for a total of US$3 million principal amount of convertible debentures (the "Debentures"). The terms of the Debentures include:

• a maturity date of three years from the date of closing (the "Maturity Date") and the principal amount, together with any accrued and unpaid interest, will be payable on the Maturity Date, unless earlier converted in accordance with their terms;
• the Debentures bear interest (the "Interest") at the rate of 10% per annum, which Interest will be payable on April 1, 2025 and on the Maturity Date, unless earlier converted into Common Shares;
• the principal amount of the Debenture is convertible into Common Shares at the option of the holder at a conversion price of US$0.19 per Common Share;
• the accrued and unpaid Interest is convertible into Common Shares at a conversion price equal to the volume weighted average trading price on the Toronto Stock Exchange for the five trading days prior to the date of conversion; and
• the Debentures are unsecured.

The Company intends to use the proceeds of the Debenture Offering for project development expenses and working capital. The closing of the Debenture Offering is subject to customary conditions, including the approval of the Toronto Stock Exchange.

Additional Information

Nebari is at arm's length to the Company. There are no commissions or finders' fees payable in connection with the transactions discussed in this news release. There is no assurance that the conditions to the Second Amended ARCA or closing of the Debenture Offering will be satisfied.

Greenstone and its affiliated entities currently hold 116,028,937 Common Shares (representing 42.22% of the Company's current issued and outstanding Common Shares). Greenstone also owns and controls 1,250,000 options to acquire Common Shares. Upon closing of the Debenture Offering and conversion of the Debentures held by Greenstone (assuming conversion of all interest payments on the maturity date, using a conversion price of US$0.19), Greenstone would acquire ownership and control over an additional 10,263,158 Common Shares, representing approximately 3.7% of the Company's current issued and outstanding Common Shares. As a result, together with the Common Shares it currently owns and controls, Greenstone would hold a total of 126,292,095 Common Shares, which will represent, in aggregate approximately 44.3% of the issued and outstanding Common Shares (assuming conversion of only the Debentures held by Greenstone and assuming the conversion of all interest to maturity at US$0.19).

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), Greenstone's participation in the Debenture Offering constitutes a "related party transaction" as Greenstone is a related party of the Company. The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that at the time Greenstone's participation in the Debenture Offering was agreed to, neither the fair market value of the securities to be distributed in the Debenture Offering nor the consideration to be received for those securities, insofar as the Debenture Offering involved the related party, exceeds 25% of the Company's market capitalization. The Company will not file a material change report related to this financing more than 21 days before the expected closing of the Debenture Offering as required by MI 61-101 since the details of the participation by the related parties of the Company were not settled until just prior to closing and the Company wished to close on an expedited basis for sound business reasons. The Common Shares that will be acquired by Greenstone will be acquired pursuant to an exemption from the prospectus requirement in section 2.3 of National Instrument 45-106.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the completion of the conditions to the Second Amended ARCA; (ii) the closing of the Debenture Offering; (iii) the use of proceeds of the Debenture Offering; and (iv) future production and production capacity from the Company's mineral projects.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152998

Phoenix, Arizona--(Newsfile Corp. - January 23, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it has received approval from Arizona Department of Environmental Quality (ADEQ) for a new leach pad at its Johnson Camp Mine (JCM) facility. The Aquifer Protection Permit (APP) for Johnson Camp has been amended to include the construction and operation of a heap leach pad to produce copper from the legacy open pits at Johnson Camp in Cochise County, Arizona.

"Excelsior appreciates the groundwater protection team at ADEQ for their dedication to the protection of Arizona's groundwater and their guidance through the process. The amended APP is a key piece for Excelsior to continue developing its JCM project after the successful drilling program of 2022. The permit approval is also welcomed in the context of the recently announced collaboration with an industry leader in the emerging sulfide heap leach technology. We are excited for the potential that Johnson Camp brings to Excelsior to complement our growing mining camp in Southern Arizona, one of the best jurisdictions in the world for mining the critical materials required for our ever-changing world," states Robert Winton, SVP Operations.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy sulfide leaching technology at the Johnson Camp mine and other Excelsior copper projects, and future production therefrom; and (ii) details of future operational plans.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152066

Phoenix, Arizona--(Newsfile Corp. - January 16, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it has entered into a Collaboration Agreement with Nuton LLC, a Rio Tinto venture, to evaluate the use of its Nuton™ copper heap leaching technologies at Excelsior's Johnson Camp mine in Cochise County, Arizona.

Rio Tinto has developed the Nuton technologies, an extensive portfolio of advanced copper heap leaching technologies targeted at primary sulfide minerals (including lower grade minerals), which could not otherwise be processed using traditional leaching or sulfide processing technologies. These technologies offer the potential to produce additional copper in a cost-effective manner that has significant environmental benefits and reduces waste from new and ongoing operations.

The first stage of the collaboration involves Nuton completing certain test work on materials collected from the Company's Johnson Camp mine project to confirm that suitable conditions exist to deploy the Nuton technologies. Assuming this test work is successful, the parties would then work toward negotiating commercial terms for a full-scale deployment of the Nuton technologies at the Johnson Camp mine. Test work is expected to commence during the first quarter of 2023 with a view toward potentially negotiating commercial terms dependent on the test results and other factors during the third quarter of 2023.

ABOUT NUTON

Nuton is an innovative new venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability – a product of almost 30 years of research and development. The Nuton technologies offer the potential to economically unlock known low-grade copper sulfide resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production outcome. One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; and (ii) details of future operational plans.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151274

Phoenix, Arizona--(Newsfile Corp. - December 5, 2022) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is saddened to announce the passing of Board member Mr. Jim Kolbe. Mr. Kolbe had been a director of the Company for over 10 years and he provided valuable guidance and insight during his tenure. Prior to joining the Company, Mr. Kolbe was an 11 term congressman from Arizona.

"Jim Kolbe was an outstanding Congressman, public servant and citizen. Ethical, courageous and effective. He brought those same attributes to our Board - as a Director, Audit Chair and friend. He will be missed," said Chairman Fred DuVal.

"Jim will be greatly missed by all that knew him," said CEO Stephen Twyerould.

ABOUT EXCELSIOR MINING

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to details of future operational plans.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to implement the Company's operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146806