Excelsior Mining Corp

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.

Mine Life and post mining processing	~20 years
Heap Leach Material Mined	85.2 M ton
Total Copper Grade (CuT%)	0.37%
Average LOM Total Copper Recovery*	77%
Cu Produced	492 M lb
Total Tonnage Mined	196 M ton
Initial Mine Capital	$58.9 million
Total Operating Cash Cost ($/lb Cu)**	$2.24
After-Tax NPV/IRR (7.5% discount rate)	$180.0M / 30.4%
Total copper recovery includes a combination of oxide, transition and primary sulfide mineral recoveries. * Includes all operating costs, site G&A, royalties, non-income taxes, salvage, reclamation and closure.

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

Sensitivity Analysis
Sensitivity	-20%	-10%	0	+10%	+20%
Cu Price	$3.00	$3.375	$3.75	$4.125	$4.50
IRR After-Tax	11.5%	20.9%	30.4%	39.9%	49.2%
*NPV After-Tax**	$32	$107	$180	$251	$321
*million $ at 7.5% discount rate

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)

Classification	Tons	% Cu	lbs CuT
Measured	20,771,000	0.31	127,545,000
Indicated	87,166,000	0.32	550,118,000
M&I	107,932,000	0.32	677,663,000
Inferred	50,998,000	0.32	322,656,000

The Effective Date of the mineral resources is July 13, 2022.
The project mineral resources are comprised of all model blocks at a 0.1 % CuT cut-off that lie within optimized resource pits.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
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.

Parameter	Value	Unit
Copper Price	$3.75	$/lb Sold
Contract Mine Cost	$2.30	$/ton Mined
Technical Services	$0.25	$/ton Processed
Heap Management	$0.30	$/ton Processed
Heap Capital Cost	$0.80	$/ton Processed
Crushing/Agglomeration Cost	$1.10	$/ton Processed
G&A Cost	$0.05	$/lb Cu Produced
SX-EW Cost	$0.25	$/lb Cu Produced
Recovery	95%	Acid Soluble Cu
Recovery	95%	Cyanide Soluble Cu
Recovery	70%	Sulfide Cu
Royalty (incl. Stream)	17.90%	NSR
Acid Cost	$150	$/ ton
Acid Consumption and Costs by Formation
Formation	Acid Cons. lb/ton	Acid Cost $/ton Processed
Pioneer Shale	20	$1.20
Bolsa Quartzite	25	$1.50
Diabase	30	$1.80
Middle Abrigo	55	$3.30
Upper Abrigo	45	$2.70
Lower Abrigo	40	$2.40
Martin	70	$4.20

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

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.
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.
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.
The estimated capital required for the JCM Project has been prepared to a PEA level. Additional detailed engineering work may reduce this cost.
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.
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.
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.
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.
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

Metallurgical test work to be performed on sulfides and transitional mineralization in 2023 could generate lower recoveries or higher acid consumptions that presently estimated.
This testing could also indicate that finer crushing is required to achieve high copper recoveries.
The acid price could remain high in the short term and could increase the operating cost of heap leaching.
Other reagent costs, principally diluent and extractant, could increase materially, increasing SX-EW operating costs.
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.
The selected PEA copper price of $3.75/lb could be subject to volatility due to external factors.
More detailed engineering designs could result in higher costs.
Increased lead times for construction could materially delay the start of leaching and generation of revenue.
The cost of financing capital for the JCM heap leach could become prohibitive.
Obtaining the necessary environmental permit amendments could take longer than anticipated.
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.

FINANCIAL ANALYSIS SUMMARY
	Pre-Tax	Post-Tax
IRR	40.6%	37.5%
Pre-Production Capital Payback (years)	6.5	6.7
NPV (million $) @7.5%	1,434.8	1,166.5
COST METRICS
		Cost/lb Copper
Direct Operating Costs		0.945
Royalties, Taxes, Recl. & Salvage		0.274
Total Cash Cost		1.225

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)

Copper Price
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$1,167	37.5%	6.7
20%	$1,697	50.4%	4.3
10%	$1,433	44.0%	6.2
-10%	$898	30.8%	7.3
-20%	$627	24.2%	8.0
Operating Cost
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$1,167	37.5%	6.7
20%	$1,031	33.2%	7.1
10%	$1,099	35.3%	6.9
-10%	$1,233	39.7%	6.5
-20%	$1,299	41.9%	6.3
Initial Capital
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$1,167	37.5%	6.7
20%	$1,160	36.1%	6.7
10%	$1,163	36.8%	6.7
-10%	$1,170	38.2%	6.7
-20%	$1,173	39.0%	6.6

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

Alternate Case After - Tax Sensitives ($millions)

Copper Price
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$976	38.1%	6.0
20%	$1,505	51.7%	4.3
10%	$1,241	45.0%	4.8
-10%	$706	30.8%	6.7
-20%	$432	23.0%	7.5
Operating Cost
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$976	38.1%	6.0
20%	$790	32.7%	6.5
10%	$883	35.4%	6.2
-10%	$1,066	40.8%	5.4
-20%	$1,157	43.4%	5.0
Initial Capital
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$976	38.1%	6.04
20%	$969	36.6%	6.08
10%	$972	37.4%	6.06
-10%	$979	38.9%	6.02
-20%	$982	39.8%	6.00

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.

Total Resources (Oxide + Transitional + Sulfide)
Resource Class	Short Tons (millions)	Total Cu (%)	Cu Pounds (billions)
Resource Class	Short Tons (millions)	Total Cu (%)	Cu Pounds (billions)
Measured	200.7	0.36	1.439
Indicated	710.8	0.27	3.875
Measured + Indicated	911.6	0.29	5.315
Inferred	240.9	0.22	1.070
0.05% TCu Cut-off for Oxide + Transitional; 0.30% TCu Cut-off for Sulfide

Notes:

Mineral Resources are inclusive of Mineral Reserves.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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.

North Star Mineral Reserves (Oxide and Transition at 0.05% cut-off)⁽¹⁾
Category	Short Tons (million)	Total Copper (%)	Pounds of Cu (million)
Probable	782	0.29	4,505

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.

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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

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.

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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

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.

Mine Life and post mining processing	~20 years
Heap Leach Material Mined	85.2 M ton
Total Copper Grade (CuT%)	0.37%
Average LOM Total Copper Recovery*	77%
Cu Produced	492 M lb
Total Tonnage Mined	196 M ton
Initial Mine Capital	$58.9 million
Total Operating Cash Cost ($/lb Cu)**	$2.24
After-Tax NPV/IRR (7.5% discount rate)	$180.0M / 30.4%
* Total copper recovery includes a combination of oxide, transition and primary sulfide mineral recoveries. ** Includes all operating costs, site G&A, royalties, non-income taxes, salvage, reclamation and closure.

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

Sensitivity Analysis
Sensitivity	-20%	-10%	0	+10%	+20%
Cu Price	$3.00	$3.375	$3.75	$4.125	$4.50
IRR After-Tax	11.5%	20.9%	30.4%	39.9%	49.2%
*NPV After-Tax**	$32	$107	$180	$251	$321
*million $ at 7.5% discount rate

Mineral Resources

The JCM Mineral Resources are provided in the table below.

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

Classification	Tons	% Cu	lbs CuT
Measured	20,771,000	0.31	127,545,000
Indicated	87,166,000	0.32	550,118,000
M&I	107,932,000	0.32	677,663,000
Inferred	50,998,000	0.32	322,656,000

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

Parameter	Value	Unit
Copper Price	$3.75	$/lb Sold
Contract Mine Cost	$2.30	$/ton Mined
Technical Services	$0.25	$/ton Processed
Heap Management	$0.30	$/ton Processed
Heap Capital Cost	$0.80	$/ton Processed
Crushing/Agglomeration Cost	$1.10	$/ton Processed
G&A Cost	$0.05	$/lb Cu Produced
SX-EW Cost	$0.25	$/lb Cu Produced
Recovery	95%	Acid Soluble Cu
Recovery	95%	Cyanide Soluble Cu
Recovery	70%	Sulfide Cu
Royalty (incl. Stream)	17.90%	NSR
Acid Cost	$150	$/ ton
Acid Consumption and Costs by Formation
Formation	Acid Cons. lb/ton	Acid Cost $/ton Processed
Pioneer Shale	20	$1.20
Bolsa Quartzite	25	$1.50
Diabase	30	$1.80
Middle Abrigo	55	$3.30
Upper Abrigo	45	$2.70
Lower Abrigo	40	$2.40
Martin	70	$4.20

PEA Assumptions

JCM Opportunities

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.
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.
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.
The estimated capital required for the JCM Project has been prepared to a PEA level. Additional detailed engineering work may reduce this cost.
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.
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.
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.
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.
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

Metallurgical test work to be performed on sulfides and transitional mineralization in 2023 could generate lower recoveries or higher acid consumptions that presently estimated.
This testing could also indicate that finer crushing is required to achieve high copper recoveries.
The acid price could remain high in the short term and could increase the operating cost of heap leaching.
Other reagent costs, principally diluent and extractant, could increase materially, increasing SX-EW operating costs.
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.
The selected PEA copper price of $3.75/lb could be subject to volatility due to external factors.
More detailed engineering designs could result in higher costs.
Increased lead times for construction could materially delay the start of leaching and generation of revenue.
The cost of financing capital for the JCM heap leach could become prohibitive.
Obtaining the necessary environmental permit amendments could take longer than anticipated.
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.

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 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.

FINANCIAL ANALYSIS SUMMARY
	Pre-Tax	Post-Tax
IRR	40.6%	37.5%
Pre-Production Capital Payback (years)	6.5	6.7
NPV (million $) @7.5%	1,434.8	1,166.5
COST METRICS
		Cost/lb Copper
Direct Operating Costs		0.945
Royalties, Taxes, Recl. & Salvage		0.274
Total Cash Cost		1.225

Sensitivity analysis is shown in the table below.

Base Case After – Tax Sensitivities ($millions)

Copper Price
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$1,167	37.5%	6.7
20%	$1,697	50.4%	4.3
10%	$1,433	44.0%	6.2
-10%	$898	30.8%	7.3
-20%	$627	24.2%	8.0
Operating Cost
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$1,167	37.5%	6.7
20%	$1,031	33.2%	7.1
10%	$1,099	35.3%	6.9
-10%	$1,233	39.7%	6.5
-20%	$1,299	41.9%	6.3
Initial Capital
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$1,167	37.5%	6.7
20%	$1,160	36.1%	6.7
10%	$1,163	36.8%	6.7
-10%	$1,170	38.2%	6.7
-20%	$1,173	39.0%	6.6

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

Alternate Case After – Tax Sensitives ($millions)

Copper Price
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$976	38.1%	6.0
20%	$1,505	51.7%	4.3
10%	$1,241	45.0%	4.8
-10%	$706	30.8%	6.7
-20%	$432	23.0%	7.5
Operating Cost
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$976	38.1%	6.0
20%	$790	32.7%	6.5
10%	$883	35.4%	6.2
-10%	$1,066	40.8%	5.4
-20%	$1,157	43.4%	5.0
Initial Capital
	NPV @ 7.5% ($M)	IRR%	Payback
Base Case	$976	38.1%	6.04
20%	$969	36.6%	6.08
10%	$972	37.4%	6.06
-10%	$979	38.9%	6.02
-20%	$982	39.8%	6.00

Mineral Resources and Mineral Reserves

Mineral Resource Estimate

Total Resources (Oxide + Transitional + Sulfide)
Resource Class	Short Tons (millions)	Total Cu (%)	Cu Pounds (billions)
Measured	200.7	0.36	1.439
Indicated	710.8	0.27	3.875
Measured + Indicated	911.6	0.29	5.315
Inferred	240.9	0.22	1.070
0.05% TCu Cut-off for Oxide + Transitional; 0.30% TCu Cut-off for Sulfide

Notes:

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

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

North Star Mineral Reserves (Oxide and Transition at 0.05% cut-off)⁽¹⁾
Category	Short Tons (million)	Total Copper (%)	Pounds of Cu (million)
Probable	782	0.29	4,505

48% of the total copper reserve is considered recoverable.

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).

About Excelsior Mining

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.

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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

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

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.

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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

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

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.

Additional Information

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

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.

Corporate Logo

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

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

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.

Corporate Logo

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

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

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.

Corporate Logo

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

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

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.

Corporate Logo

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

Phoenix, Arizona--(Newsfile Corp. - October 18, 2022) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the "Company") is pleased to announce the results of Well Stimulation modelling for the Gunnison Copper Project, located in Cochise County, southeastern Arizona.

Well stimulation has the potential to fundamentally change the performance of the wellfield, reduce the need for raffinate neutralization or change the design criteria for the neutralization plant.

Well stimulation is primarily intended to inflate (open-up) the pre-existing mineralized facture network in the wellfield to help gas bubbles (CO₂) 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 would improve connectivity between these wells, improve flow rates and copper production. To this end 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.

Based on the successful modelling results, Excelsior is excited to proceed to field trials in 2023, subject to EPA approval. The EPA is currently processing Excelsior's permit amendment to allow well stimulation, which is expected to be approved in Q1 2023. Field trials are planned shortly thereafter.

Robert Winton commented: "This could have a material positive effect on Excelsior's operations. Successful field trials could lead to rapid commercialization of the technique to the point where it becomes part of our regular well maintenance plan."

Summary:

Well stimulation is expected to be successful at increasing the natural fracture permeability for significant volumes within the wellfield
Immediate permeability enhancement is expected to be one to two orders of magnitude
Although modelling results are very encouraging, field trials may not perform as modelled and operational conditions may affect the final results.
Risk factors that will be evaluated further as part of the field trials.

More information including graphical representations of the modelling can be found on Excelsior's website at Excelsior Mining Corp - Well Stimulation.

Excelsior also announces that Stephen Twyerould President & CEO, and Robert Winton SVP and General Manager, will be presenting during a live-video webinar with a Q&A on Thursday, October 27th at 4:05 PM Eastern Time. The event will be hosted by Amvest Capital. Those wishing to participate in the video-webinar can do so by Registering Here.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Roland Goodgame, Member of the Australian Institute of Geoscientists MAIG, SVP Business Development of Excelsior, and a Qualified Person as defined by National Instrument 43-101. Mr. Goodgame has reviewed and approved the scientific and technical information contained in this news release and underlying data.

ABOUT EXCELSIOR MINING

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

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 that field trials of well stimulation may show the fracture system does not form as modelled and more trials are needed to perfect the technique, the risk that field trials of well stimulation do not perform as anticipated, the risk that despite the large volume stimulated (inflated) by well stimulation, acid operating conditions may still result in excessive CO₂ build up, 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.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140904

Phoenix, Arizona--(Newsfile Corp. - October 3, 2022) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the "Company") is pleased to announce the final assay results from the infill drill program on the Johnson Camp mine pits (JCM) located in Cochise County, southeastern Arizona.

Drill Program

Due to successful drilling in the NE corner of Burro pit, additional holes were added and those with assays returned are reported below. The improved results will allow the Company to develop a mine plan that focusses on this new, higher-grade, mineralized zone. Permitting of the new leach pad to restart operations is in progress, however the additional drilling and metallurgical testing will push the Company's goal of restarting mining operations at JCM into 2023.

"These final assay results confirm that the infill drill results from the Burro pit are better than expected compared to existing data. Zones of significant thickness and grade have been intersected. The Company will now move into the final mine planning stages in order to make a decision on restarting mining operations at JCM," commented Roland Goodgame, Senior Vice President Business Development.

All assays have been returned for the 43 diamond hole program. Sequential copper assays have an average leaching potential exceeding 68% (excludes intervals that contain sulfide mineralization). Assay highlights are included in Table 1 below. Full assays are included in Table 2.

Table 1

Hole ID	From (Ft)	To (Ft)	Interval (Ft)	True Thickness (Ft)	TCu%	Type	Avg. Leaching Potential %
EBM-38	190	550	360	354.6	0.46	O&T	72%
EBM-39	230	550	320	315.2	0.43	O&T	58%
EBM-40	282	501	219	215.7	0.41	O&T	67%
Mineralized Zone: O = Oxide, T = Transition, S = Sulfide. TCu% = Total Copper %

The leaching potential of copper mineralization is defined as acid soluble copper (AsCu) plus sodium cyanide soluble copper (CNCu) divided by total copper (TCu).

All samples are prepared from manually split or sawn PQ or HQ core sections on site in Arizona. Drill core samples are then sent to 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.

Table 2

Hole ID	From (Ft)	To (Ft)	Interval (Ft)	True Thickness (Ft)	TCu%	Type	Avg. Leaching Potential %
EBD-14	109	120	11	8.4	0.3	T	49%
	150	190	40	30.6	0.24	S	15%
	230	290	60	46.0	0.33	S	10%
	300	330	30	23.0	0.28	S&T	23%
EBD-15	12	12.5	0.5	0.4	0.72	O	94%
	170	330	160	122.6	0.26	S&T	33%
EBD-16	0	20	20	20.0	0.24	O	82%
	175	285	110	110.0	0.28	S&T&O	51%
EBM-38	80	100	20	19.7	0.285	O	94%
	110	120	10	9.9	0.27	O	96%
	140	150	10	9.9	0.18	O	91%
	160	170	10	9.9	0.11	O	80%
	190	550	360	354.6	0.46	O&T	72%
EBM-39	100	110	10	9.9	0.27	O	90%
	120	162	42	41.4	0.21	O&T	81%
	180	200	20	19.7	0.71	O&T	65%
	210	220	10	9.9	0.11	O	88%
	230	550	320	315.2	0.43	O&T	58%
EMB-40	35	95	60	59.1	0.24	O	86%
	125	135	10	9.9	0.84	S	14%
	145	162	17	16.7	0.19	O&T	79%
	182	192	10	9.9	0.12	O&T	74%
	242	252	10	9.9	0.14	O&T	83%
	282	501	219	215.7	0.41	O&T	67%
Mineralized Zone: O = Oxide, T = Transition, S = Sulfide. TCu% = Total Copper %

The Johnson Camp Mine 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).

New Chief Financial Officer Update

Excelsior also announces that effective October 10, 2022, Mr. Danny Heatherson will be appointed as the Interim Chief Financial Officer of the Company. Mr. Heatherson is the Company's current Corporate Accounting Manager. Mr. Heatherson has over eleven years accounting experience in roles as a controller, director and accounting manager. Mr. Heatherson is a CPA and holds a Bachelor of Science in Accountancy from Arizona State University, School of Global Management & Leadership and a Bachelor of Science in Management, Arizona State University, W.P. Carey School of Business.

Excelsior's current Chief Financial Officer, Mr. Greg Duschek, is relocating to pursue a new opportunity. The Board wishes to thank Mr. Duschek for his service to the Company.

Operations Update

Excelsior is also providing an update on operations and future plans. Excelsior's near-term focus is on the following:

Using the newly collected data at the Johnson Camp mine to evaluate the potential for mining at in the old Burro open pit. As noted above, permitting of the new leach pad to restart operations is in progress and the Company's goal is to restart mining operations at JCM in 2023 assuming mine planning demonstrates an economic operation.
Ongoing modelling, planning, and permitting for well stimulation trials, designed to determine the effectiveness of this technique to alleviate production problems at the Gunnison in-situ mine. Excelsior is presently engaged with EPA on well stimulation approvals. Well stimulation has the potential to reduce the need for raffinate neutralization or change the design criteria for the neutralization plant. As such, detailed work on the design and testing of neutralized raffinate will be delayed pending the results of the well stimulation trials.
Excelsior is continuing its compilation and investigation of the Cochise Mining District (Johnson Camp Mine area) which has enjoyed a long history of underground and open pit operations (Cu, Zn, Pb and Ag).

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

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

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.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139130

Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) announces that the British Columbia Supreme Court, in MM Fund v. Excelsior Mining Corp. 2022 BCSC 1541, a purported class action brought by MM Fund, has granted the application by Excelsior to strike MM Fund’s certification application and further ordered MM Fund to remove all pleadings relating to advancing a class proceeding against Excelsior. Excelsior was awarded its costs of the application in any event of the cause. MM Fund’s action may continue as an individual claim; however, MM Fund has been found to be incapable advancing the action as a class proceeding.

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 the Company’s mineral property operations and statements regarding the future status of the MM Fund claim.}

_{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, the assumption the MM Fund does not successfully appeal the court ruling, 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, risks related to a successful appeal of the court decision by MM Fund, 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.}

Excelsior Mining Corp. (TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) is pleased to announce additional assay results from the infill drill program on the Johnson Camp mine pits (JCM) located in Cochise County, southeastern Arizona and provide an operations update.

Drill Program

"The recent infill drill results from the Burro pit are better than expected compared to existing data. Zones of significant thickness and grade have been intersected. We look forward to getting all the results back, completing the geological and resource interpretations and design optimization, with our goal of restarting the JCM open pits as soon as possible," commented Roland Goodgame, Senior Vice President Business Development.

The drilling program is now completed with a total of 43 diamond holes being drilled. Six holes are still awaiting assays. Sequential copper assays for the remaining 37 holes have an average leaching potential exceeding 68% (excludes intervals that contain sulfide mineralization). Assay highlights are included in Table 1 below. Full assays are included in Table 2.

Table 1

Hole ID	From (Ft)	To (Ft)	Interval (Ft)	True Thickness (Ft)	TCu%	Type	Avg. Leaching Potential %
EBD-21	170	187	17	13.0	2.05	S&T	27 %
EBD-22	325	573	248	190.0	0.34	O&T	74 %
EBD-24	223	638	415	383.9	0.42	O&T&S	69 %
EBD-25	247	733	486	486.0	0.42	O&T	74 %
EBD-26	176.5	182	5.5	4.2	4.03	S	11 %
EBD-27	160	550	390	372.5	0.4	O&T	70 %
EBD-33	410	600	190	145.5	0.53	O&T	89 %
EBD-34	395	600	205	157.0	0.36	O&T	77 %
EBD-35	397	547	150	114.9	0.42	T	91 %
Mineralized Zone: O = Oxide, T = Transition, S = Sulfide. TCu% = Total Copper %

The leaching potential of copper mineralization is defined as acid soluble copper (AsCu) plus sodium cyanide soluble copper (CNCu) divided by total copper (TCu).

Table 2

Hole ID	From (Ft)	To (Ft)	Interval (Ft)	True Thickness (Ft)	TCu%	Type	Avg. Leaching Potential %
EBD-09	15	25	10	7.7	0.12	O	92 %
	75	175	100	76.6	0.22	O&S	41 %
EBD-17	128	158	30	23.0	0.16	T&S	31 %
	208	330	122	93.5	0.3	S&T&O	27 %
EBD-18	80	90	10	9.9	0.25	O	92 %
	160	290	130	128.1	0.28	T&S	61 %
EBD-19	0	80	80	61.3	0.24	O	71 %
	80	150	70	53.6	0.24	O&S	29 %
EBD-20	190	230	40	30.6	0.57	S	14 %
	250	260	10	7.7	0.19	T&S	42 %
	270	290	20	15.3	0.16	O	75 %
EBD-21	40	130	90	68.9	0.2	O	70 %
	170	187	17	13.0	2.05	S&T	27 %
EBD-22	30	110	80	61.3	0.33	O	73 %
	130	204	74	56.7	0.36	O&T	58 %
	244	254	10	7.7	0.21	T	48 %
	264	274	10	7.7	0.13	O&T	77 %
	284	295	11	8.4	0.18	O&T	89 %
	325	573	248	190.0	0.34	O&T	74 %
EBD-24	55	65	10	9.3	0.17	O	76 %
	115	183	68	62.9	0.18	O	72 %
	223	638	415	383.9	0.42	O&T&S	69 %
EBD-25	113	133	20	20.0	0.22	O	84 %
	167	177	10	10.0	0.17	O	84 %
	247	733	486	486.0	0.42	O&T	74 %
EBD-26	90	100	10	7.7	0.16	O	94 %
	120	130	10	7.7	0.24	O	88 %
	176.5	182	5.5	4.2	4.03	S	11 %
	190	200	10	7.7	0.66	O&T	77 %
	230	283.5	53.5	41.0	0.24	O	75 %
EBD-27	20	80	60	57.3	0.63	O	95 %
	160	550	390	372.5	0.4	O&T	70 %
EBD-29	110	120	10	7.7	0.17	O	82 %
	147	210	63	48.3	0.36	O	56 %
	240	280	40	30.6	0.21	T	71 %
EBD-31	40	100	60	46.0	0.4	O	50 %
	140	170	30	23.0	0.28	O	54 %
EBD-32	30	50	20	20.0	0.28	O	85 %
	68	78	10	10.0	0.17	O	88 %
	98	108	10	10.0	0.46	O	63 %
	128	138	10	10.0	0.18	O	63 %
	158	173	15	15.0	0.24	O	79 %
EBD-32A	24	44	20	20.0	0.34	O	85 %
	94	104	10	10.0	0.18	O	61 %
	124	162	38	38.0	0.43	O	44 %
EBD-33	60	70	10	7.7	0.42	O	95 %
	100	110	10	7.7	0.12	O	97 %
	200	235	35	26.8	0.39	O	59 %
	255	265	10	7.7	0.38	O	28 %
	275	285	10	7.7	0.68	O	76 %
	295	325	30	23.0	0.33	O	62 %
	345	355	10	7.7	0.2	O&T	61 %
	385	402	17	13.0	0.56	O	59 %
	410	600	190	145.5	0.53	O&T	89 %
EBD-34	130	140	10	7.7	0.37	O	83 %
	150	165.5	15.5	11.9	0.45	O	71 %
	305	325	20	15.3	0.37	O	42 %
	395	600	205	157.0	0.36	O&T	77 %
EBD-35	35	45	10	7.7	0.14	O	76 %
	295	315	20	15.3	0.32	O&T	37 %
	397	547	150	114.9	0.42	T	91 %
EBD-36	13	30	17	13.0	0.63	O	90 %
	76	90	14	10.7	0.65	O	46 %
	100	120	20	15.3	0.32	O	39 %
	140	150	10	7.7	0.46	O	40 %
	160	170	10	7.7	0.32	O	68 %
	250	260	10	7.7	0.17	O&T	72 %
	336	350	14	10.7	0.19	O&T	74 %
EBD-37	10	190	180	137.9	0.27	O&T	78 %
Mineralized Zone: O = Oxide, T = Transition, S = Sulfide.

Operations Update

Excelsior is also providing an update on operations and future plans. Excelsior's near-term focus is on the following:

Continuing to evaluate the recent drill results and development of a mine plan for Johnson Camp that targets the higher-grade section to maximize cashflows at the start of operations. As noted above, permitting of the new leach pad to restart operations is in progress and the Company's goal is to restart mining operations at JCM in 2023 assuming mine planning demonstrates an economic operation.
Continuing to investigate the key recommendations from the March 2022 Gunnison project Pre-feasibility Study Update ("PFS"), including conducting experimentation to ensure that neutralized raffinate is effective in dissolving CO₂ in the subsurface and evaluating a scope of work and bid package to select a water treatment vendor to design the water treatment system. Selection criteria will be focused on rapid, low-cost solutions to demonstrate that the technology is effective in solving the wellfield challenges.
Planning for well stimulation trials to 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. The results of well stimulation have the potential to reduce the need for raffinate neutralization or change the design criteria for the neutralization plant, which could result in significant cost savings.
The Cochise Mining District (Johnson Camp Mine area) has enjoyed a long history of underground and open pit operations (Cu, Zn, Pb and Ag), with little sophisticated analysis of the development potential of the entire camp. Excelsior intends to undertake a more comprehensive evaluation of the oxide and sulfide potential of its mineral resource and mining assets.
Whilst water flushing activities in the wellfield continue to show flow improvements on individual wells, the Company will still need to implement the solutions from the PFS to remediate the entire wellfield. Therefore, in order to conserve cash and maintain a robust balance sheet, Excelsior is reducing its workforce and putting the wellfield on reduced operation by temporarily stopping acid injection whilst continuing recovery and compliance to ensure underground solutions are managed and controlled. Wellfield operations are not currently cashflow positive, and these initiatives will provide additional cash and management bandwidth to focus on the key priorities listed above.

QUALIFIED PERSON

ABOUT EXCELSIOR MINING

For more information on Excelsior, please visit our website at 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 mine Johnson Camp and future production therefrom; (ii) permitting timelines; (iii) the development timeline to mine Johnson Camp; (iv) details of future operational plans including implementation of recommendations from the 2022 pre-feasibility study and wellfield stimulation trials.

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.

Excelsior Mining Corp. (TSX: MIN) (OTCQX: EXMGF) (FSE: 3XS) ("Excelsior" or the “Company”) announces that Stephen Twyerould President & CEO, and Robert Winton SVP and General Manager, will be presenting during a live-video webinar with a Q&A on Thursday, April 14^th at 1pm (Eastern Daylight Time). 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

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.}

Excelsior Mining Corp. (TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) is pleased to announce assay results from the infill drill program on the Johnson Camp mine pits (JCM) located in Cochise County, southeastern Arizona.
“The infill drill results from the Burro pit are in-line with existing drilling. If anything, mineralization appears better and shallower at the north end, but thinning at the south end of the existing pit. We look forward to getting all the results back, completing the geological and resource interpretations and design optimization, with our goal of restarting of the JCM open pits later this year.” Comments Roland Goodgame, Senior Vice President Business Development.
The improved results at the north end of the pit, including the high average leaching potential, should allow the Company to develop a mine plan that targets the high-grade section to maximize cashflows at the start of operations. Permitting of the new leach pad to restart operations is in progress and the Company’s goal remains to restart mining operations at JCM later this year.
A total of 31 of the 34 planned holes have been drilled using diamond drill rigs, with 6 holes drilled waiting on assays. Sequential copper assays for approximately 73% of the entire drill program are complete, with the average leaching potential exceeding 60% (excludes intervals that contain sulfide mineralization). Assay highlights are included in Table 1 below. Full assays are included in Table 2.

Excelsior Mining Corp. (TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) is pleased to announce assay results from the infill drill program on the Johnson Camp mine pits (JCM) located in Cochise County, southeastern Arizona.

“The infill drill results from the Burro pit are in-line with existing drilling. If anything, mineralization appears better and shallower at the north end, but thinning at the south end of the existing pit. We look forward to getting all the results back, completing the geological and resource interpretations and design optimization, with our goal of restarting of the JCM open pits later this year.” Comments Roland Goodgame, Senior Vice President Business Development.

The improved results at the north end of the pit, including the high average leaching potential, should allow the Company to develop a mine plan that targets the high-grade section to maximize cashflows at the start of operations. Permitting of the new leach pad to restart operations is in progress and the Company’s goal remains to restart mining operations at JCM later this year.

A total of 31 of the 34 planned holes have been drilled using diamond drill rigs, with 6 holes drilled waiting on assays. Sequential copper assays for approximately 73% of the entire drill program are complete, with the average leaching potential exceeding 60% (excludes intervals that contain sulfide mineralization). Assay highlights are included in Table 1 below. Full assays are included in Table 2.

Table1

Hole ID	From (Ft)	To (Ft)	Interval (Ft)	True Thickness (Ft)	TCu%	Type	Avg. Leaching Potential %
EBD-07	2.2	60	57.8	44.3	0.25	O	92%
EBD-07	100	250	150	114.9	0.20	T	41%
EBD-10A	90	340	250	191.5	0.40	T&S	29%
EBD-13	50	210	160	122.6	0.26	T&S	50%
EBD-29	147	280	133	101.9	0.28	T	55%
EBM-04	80	200	120	107.9	0.43	T	40%
EBM-05	6	250	244	200	0.32	O&T	79%
EBM-23	218	520	302	297.5	0.40	O&T	69%
EBM-23	586.5	630	43.5	42.8	0.74	O	92%
EBM-28	148	468	320	309.1	0.38	O&T	55%
EBM-30	6	223	217	166.2	0.30	O	43%

Mineralized Zone: O = Oxide, T = Transition, S = Sulfide.

The leaching potential of copper ores is defined as acid soluble copper (AsCu) plus sodium cyanide soluble copper (CNCu) divided by total copper (TCu).

All samples are prepared from manually split or sawn PQ or HQ core sections on site in Arizona. Split drill core samples are then sent to 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.

Table 2

Hole ID	From (Ft)	To (Ft)	Interval (Ft)	True Thickness (Ft)	TCu%	Type	Avg. Leaching Potential %
EBD-01	80	110	30	23.0	0.27	O	90%
EBD-02	11.3	30	18.7	14.3	0.19	O	89%
EBD-03	28	60	32	24.5	0.18	O	94%
EBD-03	130	180	50	38.3	0.22	T	55%
EBD-03	210	240	30	23.0	0.35	T	46%
EBD-04	20	60	40	30.6	0.21	O	90%
EBD-04	164	194	30	23.0	0.14	T	43%
EBD-04	214	260	46	35.2	0.25	S	24%
EBD-05	14	58	44	33.7	0.13	O	62%
EBD-05	70	80	10	7.7	0.20	O	87%
EBD-05	100	110	10	7.7	0.15	O	89%
EBD-05	140	170	30	23.0	0.26	T	35%
EBD-06	50	100	50	38.3	0.15	O	87%
EBD-06	167	275	108	82.7	0.28	T	29%
EBD-07	2.2	60	57.8	44.3	0.25	O	92%
EBD-07	100	250	150	114.9	0.20	T	41%
EBD-08	80	90	10	7.7	0.42	O	93%
EBD-08	110	170	60	46.0	0.45	S	16%
EBD-08	200	220	20	15.3	1.25	O	90%
EBD-08	270	280	10	7.7	0.34	S	9%
EBD-10A	90	340	250	191.5	0.40	T&S	29%
EBD-12	97	170	73	55.9	0.39	S	13%
EBD-12	220	340	120	91.9	0.33	S	15%
EBD-13	10	20	10	7.7	0.15	O	79%
EBD-13	50	210	160	122.6	0.26	T&S	50%
EBD-29	110	120	10	7.7	0.17	O	82%
EBD-29	147	280	133	101.9	0.28	T	55%
EBM-04	80	200	120	107.9	0.43	T	40%
EBM-04	230	240	10	9.0	0.17	O	62%
EBM-05	6	250	244	200	0.32	O&T	79%
EBM-23	42	50	8	7.9	0.17	O	45%
EBM-23	60	70	10	9.9	0.11	O	81%
EBM-23	110	140	30	29.6	0.23	O	87%
EBM-23	218	520	302	297.5	0.40	O&T	69%
EBM-23	586.5	630	43.5	42.8	0.74	O	92%
EBM-28	40	66.5	26.5	25.6	0.46	O	80%
EBM-28	85.5	126.5	41	39.6	0.29	O	69%
EBM-28	148	468	320	309.1	0.38	O&T	55%
EBM-30	6	223	217	166.2	0.30	O	43%

Mineralized Zone: O = Oxide, T = Transition, S = Sulfide.

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).

QUALIFIED PERSON

About Excelsior Mining

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 mine Johnson Camp and future production therefrom; (ii) permitting timelines; and (iii) the development timeline to mine Johnson Camp.}

Excelsior Mining Corp. (TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) is pleased to announce the results of its Prefeasibility Study Update (“PFS” or “Report”) on the North Star Deposit of the Gunnison Copper Project and Preliminary Economic Assessment (“PEA”) on the Johnson Camp Mine Heap Leach, both located in Cochise County, southeastern Arizona. 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 heap leach operation. Results of the PFS and PEA disclosed in this press release are in United States dollars.

GUNNISON PROJECT PREFEASIBILITY STUDY

Highlights of the PFS (United States dollars)

Net Present Value (“NPV”) of $1,348.5 million after-tax
- at 7.5% discount rate using a life of mine (“LOM”) average copper price of $3.93/lb;
Internal Rate of Return (“IRR”) of 44.9% after-tax;
Pre-production capital costs of $45.1 million
- includes 15% contingency, EPCM, freight, mobile equipment, owner’s costs and capital spares;
Payback period for pre-production capital of 4.8 years after-tax;
Average life of mine operating costs of $0.91/lb;
Total Operating Cash Cost (including royalties, non-income taxes, salvage, reclamation and closure) of $1.21/lb
All-In Cost (LOM capital costs plus operating costs) of $1.70/lb;
Life of Mine: 2,153 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, including a comparison to the results of the 2016 Feasibility Study, is set out below under the heading “Financial Analysis”. In addition, the risks and opportunities associated with the Gunnison Project are discussed below.

Commenting on this Report, President & CEO, Dr. Stephen Twyerould said, “Excelsior is committed to innovative and environmentally sustainable copper production through our flagship asset, the Gunnison Copper Project. Production challenges have highlighted the need to re-engineer wellfield ramp-up, including the introduction of a long period of pre-production CO₂ flushing and calcite removal. Capital costs, operating costs and the production schedule have been re-estimated to account for wellfield pre-conditioning and flushing using neutralized raffinate. These changes have been incorporated in the new PFS, which highlights the value of our Gunnison Project along with the need for additional time and work before commercial production is achieved. The Company looks forward to undertaking the recommendations of the PFS and getting back-on-track.”

The PFS was completed by M3 Engineering & Technology Corporation (“M3”) of Tucson, AZ and is effective as of March 11, 2022. 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 today.

Financial Analysis

The PFS base case generates an after-tax NPV of approximately $1,348.5 million (at a cash flow discount of 7.5%) and an IRR of 44.9%. 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:
- Years 1 thru 5: $4.25/lb
- Years 6 thru 15: $4.00/lb
- Years 16 and beyond: $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 $120/ton and the price of sulfur of $120 per ton delivered after that:
Combined state and federal tax rate of 32.9%;
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.

FINANCIAL ANALYSIS SUMMARY
	Pre-Tax	Post-Tax
IRR	50.3%	44.9%
Pre-Production Capital Payback (years)	4.4	4.8
NPV (million $) @7.5%	1,777.5	1,348.5
Ratio of New Capital of NPV_7.5	0.025	0.033
COST METRICS
		Cost/lb Copper
Direct Operating Costs		0.91
Royalties, Taxes, Recl. & Salvage		0.30
Total Cash Cost		1.21

Total initial (pre-breakthrough) capital expenditures (including 15% contingency, EPCM, capital spares, owner’s costs, mobile equipment and freight) are estimated at $45.1 million. The production wellfield is estimated at $6.1 million for drilling and wellfield infrastructure and $29.7 million is estimated for the water treatment plant. Capitalized pre-production costs for the wellfield and water treatment plant total $9.3 million. Initial production of copper cathode is estimated to be 25 million pounds per annum. Total sustaining capital costs over the life of the mine are $1,026.6 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 $0.91/lb and the average life of mine Total Operating Cash Cost (including royalties, non-income taxes, salvage, reclamation and closure) is $1.21/lb.

The Company has also evaluated an Alternate case without an Acid Plant. This case generated a pre-tax NPV@7.5%of $1,585.7 million and an IRR of 51.9% (after-tax: NPV@7.5% of $1,218.6 million and IRR of 46.6%). Total initial capital expenditures remain the same as the “Acid Plant” scenario. Total sustaining capital costs over the life of the mine are $873.1 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 $1.24/lb for the “No-Acid Plant” option with an average life of mine Total Operating Cash Cost of $1.53 per pound.

Sensitivity analysis on copper price is shown in the table below.

Sensitivity Analysis (After-Tax)
Sensitivity	Base Case (Acid Plant)
	-20%	-10%	0	+10%	+20%
Cu Price	$3.15	$3.54	$3.93	$4.33	$4.72
IRR	30.3%	37.6%	44.9%	52.1%	59.5%
NPV*	$821	$1,086	$1,348	$1,609	$1,870
	Alternate Case (Non-Acid Plant)
	-20%	-10%	0	+10%	+20%
Cu Price	$3.15	$3.54	$3.93	$4.33	$4.72
IRR	31.1%	39.1%	46.6%	54.0%	61.5%
NPV*	$691	$957	$1.219	$1,480	$1,741
*million $ at 7.5% discount rate

The impact of the changes compared to the 2016 Feasibility Study can be estimated by comparing the 2022 PFS Base Case at a copper price of $2.75/lb to the Acid Plant case from the 2016 FS at $2.75/lb copper price (see table below).

	2022 Base Case at $2.75/lb Cu Price	2016 Acid Plant Case at $2.75 Cu Price
Years of Commercial Production	24	24
Total Copper Produced (million lbs)	2,153	2,165
LOM Copper Price (avg $/lb) *	$2.75	$2.75
Initial Capital Costs (million $)	$45.1	$46.9
Sustaining Capital Costs (million $)	$1,026.6	$742
Payback of Capital (pre-tax/after-tax)	7.9/8.0	4.5 / 6.4
Internal Rate of Return (pre-tax/after-tax)	25.8%/23.3%	48.4%/40.2%
Life of Mine Direct Operating Cost ($/pound Cu Recovered)	$0.914	$0.65
Acid consumption (lb/lb)	9.53	8.98
Pre-tax NPV at 7.5% discount rate (million $)	$769	$1,173
After-Tax NPV at 7.5% discount rate (million $)	$590	$808

Mineral Resources and Mineral Reserves

Mineral Resource Estimate

The total 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.

North Star Resources (Oxide and Transition at 0.05% cut-off)
Category	Short Tons (million)	Total Copper (%)	Pounds of Cu (million)
Measured	199	0.36	1,427
Indicated	674	0.27	3,567
Total M&I	873	0.29	4,995

Inferred	187	0.17	630

Notes:

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

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 Mine Development Associates (MDA) 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. MDA 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.

North Star Mineral Reserves (Oxide and Transition at 0.05% cut-off)⁽¹⁾
Category	Short Tons (million)	Total Copper (%)	Pounds of Cu (million)
Probable	782	0.29	4,505

48% of the total copper reserve is considered recoverable

Mr. Neil Prenn, with the independent firm Mine Development Associates (MDA) 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 effecting 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 are included in the report 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:

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.
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.
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.

Johnson Camp HEAP LEACH PRELIMINARY ECONOMIC ASSESSMENT

Economic Analysis

Excelsior is exploring re-opening the Burro and Copper Chief pits for open pit mining to produce run-of-mine (ROM) material that can be placed on a new leach pad (Pad 5) as a means of extracting copper from the remaining mineral resources within the two pits. A Preliminary Economic Assessment (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 $4.25/lb. (Year 1 through 5) and $4.00/lb (beyond Year 5).

Mine Life and post mining processing	~5 years
Heap Leach Material Mined	19.64 M ton
Total Copper Grade (CuT%)	0.387%
Acid Soluble Copper Grade (AsCu%)	0.187%
Cu Produced	65.9 M lb
Total Tonnage Mined	34.4 M ton
Initial Capital for new heap leach pad	$26.5 million
Initial Mine Capital	$14.3 million
Total Operating Cash Cost ($/lb Cu)	$2.83
After-Tax NPV/IRR (7.5% discount rate)	$7.8M / 13.4%

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

Sensitivity Analysis
Sensitivity	-20%	-10%	0	+10%	+20%
Cu Price	$3.40	$3.83	$4.25	$4.67	$5.10
IRR After-Tax	(11.2)%	(4.8)%	13.4%	29.7%	42.9%
*NPV After-Tax**	($38)	($16)	$7	$27	$44
*million $ at 7.5% discount rate

Based on the current pit shell limited mineral resources for the two pits is approximately 61.5 million tons at a cut-off grade of 0.2% CuT. The amount that is included in the conceptual mine plan over four years of mining is 19.6 million tons. It is possible that more than the initial 19.6 million tons can be mined from the JCM open pits if copper prices continue to be favorable.

“With the positive NPV result of the Johnson Camp open pit, heap leach PEA, Excelsior has an opportunity to increase copper production in the short to medium term with conventional mining and utilizing our existing Solvent Extraction infrastructure. Infill drilling and capital risk reduction has the opportunity to further improve JCM economics as we complete the necessary recommendations on our core Gunnison asset”, says Robert Winton, Sr. VP Operations.

Excelsior management has launched a small drilling program to confirm mineral resources and additional column leach metallurgical testing to confirm prior test work.

Mineral Resources

The JCM Mineral Resources are provided in the table below.

table

1.     The Effective Date of the mineral resources is February 21, 2022.
2.     The project mineral resources are comprised of all model blocks at a 0.2 % 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 estimate is classified as an inferred mineral resource, consistent with the CIM definitions referred to in National Instrument 43-101. The Johnson Camp Mine mineral resources are entirely classified as Inferred. This classification is based on the confidence in the underlying data which are largely historical. Excelsior’s sampling programs in 2016 and 2017 verified the historical data sufficiently to warrant the Inferred classification, but additional drilling and sampling, as well as more detailed geological modeling, would be required to allow for higher classification of the project resources.

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. 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 MDA by Excelsior.

The pit shells created using these optimization parameters were used to constrain the project resources. The in-pit resources were further constrained by the application of a cut-off of 0.2% CuT to all model blocks within the optimized pits.

PEA Assumptions

The JCM plan has been developed with the expectation that it will produce leachable copper material and provide cash flow while the Gunnison Copper Project is being constructed. This mine plan targets a small tonnage portion on the east side of the Burro deposit that is planned to be mined over a 3.5-year period. A contract miner will be selected for executing the mining portion of the project because of the short duration of the mine plan.

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. Run of mine heap leach material will be processed by placement on a truck-dumped 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 by Independent Mining Consultants. 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.

An Aquifer Protection Permit (“APP”) is required for facilities that have the potential to discharge and impact groundwater quality. The Johnson Camp Mine is currently covered under Aquifer Protection Permit P-100514. Excelsior is currently working on 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 needs to be added to the existing APP to accommodate resumption of mining at JCM.

The full capital cost for restarting the JCM heap leaching operation between mining pre-production, first fills/Owners costs, leach pad construction and haul road construction is approximately $26.5 million. Staffing for the JCM project is mostly in place and few hires will be needed to augment the existing staff.

Risks and Opportunities

Infill drilling results incorporated into a new mine plan have the opportunity to generate increased copper tons earlier in the mine life from the current PEA, improving NPV. More detailed capital planning will reduce contingency values and potentially reduce the overall project cost. Macroeconomic pressure on reagent costs and procurement time could ease through 2022, improving the return on capital and reducing the time to first production.

Risks to a successful restart of the JCM pits are a worsening of supply chain lead times and further upward pressure on input costs. Infill drilling reduces copper resources, increases ore-waste ratios, or moves production further along the mine life also have the potential to reduce the economic potential of the JCM pits.

Excelsior will be completing additional infill drilling and metallurgical testing prior to making a final decision on the start of operations at JCM.

Technical Report and Qualified Person

The Report will be filed on SEDAR and on Excelsior’s website today. 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. Thomas L. Drielick, of M3 Engineering & Technology Corporation, Tucson, Arizona (recovery methods, capital and operating costs, and economic analysis).
Mr. Jeffrey Bickel of MDA of Reno, Nevada (geology and mineral resource).
Mr. Neil Prenn, of MDA of Reno, Nevada (mineral reserve).
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).
Herb Welhener of Independent Mining Consultants, Inc. of Tucson, Arizona (Mining methods for Johnson Camp)

About Excelsior Mining

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.}

Excelsior Mining Corp. (TSX: MIN) (PFSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) announces that it has filed with the applicable Canadian securities regulatory authorities on SEDAR its 2021 audited annual consolidated financial statements ("Financial Statements") and management's discussion and analysis ("MD&A") in relation thereto, for the year ended December 31, 2021. The Financial Statements and MD&A are available on the Company's website at www.excelsiormining.com. Shareholders have the ability to receive a hard copy of the Financial Statements and MD&A free of charge upon request to the Company.

The Company also announces that Mr. Mark Morabito has resigned as a director of the Company. Mr. Morabito was one of the Company’s original directors dating back to 2010 when the Gunnison Project acquisition transaction was completed and served as the Company’s Chair for over eleven years. The Board would like to thank Mr. Morabito for his service and contributions to the Company’s development.

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 the future development plans for the Gunnison Project and the Company’s other 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 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.}

Excelsior Mining Corp. (TSX: MIN) (OTCQX: EXMGF) (FSE: 3XS) ("Excelsior" or the “Company”) announces that 2 diamond drills have been mobilized to the Johnson Camp Mine (“JCM”), for infill drilling of the Burro and Copper Chief open pits, as well as drilling of the geophysical anomalies at the Strong & Harris and Peabody Sill deposits (“S&H”).

Godbe Drilling LLC. (“Godbe”) from Colorado has been retained to drill 11,000 feet (3,250 meters) infill and metallurgical drilling targeting the Burro and Copper Chief deposits at JCM. The purpose of this drilling is to support the planned restart of copper mining at JCM.

“We are moving quickly on key items related to the JCM restart, which, once operational, will provide cash flow while the raffinate neutralization plant is being designed and built for our flagship asset, the Gunnison Copper Mine.” Comments Stephen Twyerould, President and CEO of Excelsior Mining.

Godbe will also conduct 10,000 feet (3,050 meters) of infill and metallurgical drilling for S&H, as well as 4,000 feet (1,220 meters) in exploration drilling. Exploration drilling will evaluate a magnetic anomaly similar in size and intensity as the nearby S&H deposit. This anomaly is closer to the center of the JCM mineralized system than S&H and as such is a high priority target. The exploration drilling will also target an IP (Induced Polarization) anomaly along strike of known mineralization in the Peabody sill. See image.

excelsior jan112022

The plan is to first drill the JCM deposit infill and metallurgical holes. These holes will be completed before the end of Q1, 2022. The drill rigs will then be moved to Strong & Harris and Peabody Sill for exploration drilling and finally for the infill and metallurgical drilling there. All drilling is expected to be completed before the end of Q2, 2022.

About Excelsior Mining

Excelsior’s technical work on the Gunnison Copper Project and Johnson Camp Mine is supervised by Stephen Twyerould, Fellow of AUSIMM, President & 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 related to the Gunnison Copper Project and Johnson Camp mine, and underlying sampling, analytical and test data.

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) future production of copper from the Gunnison Project and Johnson Camp Mine and the associated cashflow from some operations; (iii) the details of the drill program including targets, timing and number of feet of drilling.

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 or Johnson Camp Mine, 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.

Phoenix, Arizona--(Newsfile Corp. - September 9, 2021) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the "Company") is pleased to provide a comprehensive update on the Company, which includes an update on the Gunnison Copper Project, the intent to restart the Johnson Camp Mine and an announcement of Exploration and Development Properties, including the release of a Preliminary Economic Assessment on the Strong and Harris copper-zinc-silver deposit. All dollar values in this press release are in United States dollars.

Excelsior's President & CEO, Dr. Stephen Twyerould states, "We are very encouraged with some recent developments at the Gunnison Copper Project. Production flow rates have been challenged due to the impact of carbon dioxide gas but the Company has identified a process change that has demonstrated a 1000% improvement in flow rates in test wells. Full implementation of all changes to optimize fluid flows will require some additional time and capital to complete; however, the updated economics on the Gunnison Project incorporating reasonable assumptions for these changes shows the Project remains extremely robust. In addition, in the near term, the Company intends to supplement copper production by restarting operations of the historic Johnson Camp copper oxide open pits."

Dr. Twyerould continued, "Gunnison remains the flagship property for Excelsior; however, the Company has a robust portfolio of additional properties in Arizona, both within the existing permitted property boundaries and beyond. The Company has been preparing to bring these properties to the forefront alongside Gunnison as production ramps up. The Company has completed a preliminary economic assessment on its Strong & Harris copper-zinc-silver property that has demonstrated excellent economics for future development utilizing conventional mining methods. The Company is focused on maximizing the potential of all of its assets to generate additional long term shareholder value."

Gunnison

As previously disclosed, Excelsior's Gunnison Copper Project has experienced delays due to carbon dioxide gas bubbles reducing injection flows and preventing timely ramp-up to name-plate production. The gas bubbles are the result of the interaction of the weak acid injection with finite amounts of secondary calcite within the permeable fracture system.

Cycling periods of fresh water injection with acid injection and recovery has demonstrated sustained flow improvements on individual wells. For example, acid injection flow rates on individual test wells increased from lows of around 20 gallons per minute ("gpm") to sustainable highs around 200 gpm. Recovery flows also increased from around 10 gpm to sustainable recovery flows around 110 gpm. Both representing an approximate 1,000 percent increase in flow rates.

Until recently, the fresh water cycling has been focused on a central 5-spot of wells. Although not completely removed, the calcite appears to be dissolved enough for the wells to operate and flow sufficiently and as a result fresh water cycling has been moved to another 5-spot of wells to improve their fluid flows.

Excelsior believes the problem to be finite because as the calcite interacts with the acid it is dissolved and leaves the system. However, due to water conservation and evaporation capacity, individual well flushing with fresh water is not considered the optimal long-term solution.

The preferred path involves flushing with neutralized raffinate, which does not require additional water or evaporation infrastructure, however does require additional solution treatment infrastructure. The initial capital cost of this infrastructure is estimated at around $13 million ($45 million life of mine) and includes additional piping and pond modifications.

It is estimated operating costs will also increase by approximately $0.185/lb over the life of the mine due to the inclusion of one year of pre-production rinsing for all current and new wells, and the cost of operating the raffinate neutralization plant. Excelsior expects it will be able to ramp-up to name plate production once the installation and application of this infrastructure and pre-production wellfield conditioning is completed. Excelsior is in process of preparing an updated technical report on the Gunnison project (the "Updated Technical Report") that will update for these developments. Based on initial modelling, at $3.50/lb copper prices, the Gunnison Project would have an after tax NPV (7.5% discount rate) of $983 million and an IRR of 36%. The Company is also exploring additional options to accelerate the removal of CO₂, potentially at significantly lower capital and operating costs.

Cu Price US$/lb	NPV Pre-Tax @ 7.5%	IRR	NPV After-Tax @ 7.5%	IRR
$ 2.75	$ 779,000	28%	$ 589,000	25%
$ 3.25	$ 1,126,000	36%	$ 853,000	33%
$ 3.50	$ 1,298,000	40%	$ 983,000	36%
$ 3.75	$ 1,471,000	44%	$ 1,113,000	40%
$ 4.00	$ 1,644,000	47%	$ 1,242,000	43%

Robert Winton, SVP Operations and General Manager for the Company noted that, "With the inclusion of the legacy Johnson Camp open pits, the potential for mining of the Peabody Sill and Strong and Harris deposit, and with the re-vamp of the Gunnison ISR Project, Excelsior has the potential to be a larger and longer-term producer than previously envisioned. The traditional mining assets also give Excelsior the time required to optimize the Gunnison ISR project."

Johnson Camp Mine

Excelsior's Johnson Camp Mine is a historical copper producer with open pit mining at the Johnson Camp mine occurring from approximately 1975 to 2010. Excelsior acquired the Johnson Camp Mine initially for its infrastructure but also based on the remaining mineralization. To achieve additional copper production as Gunnison resolves its ramp-up issues, Excelsior intends to restart operations of the historic Johnson Camp copper oxide open pits. These open pits were most recently mined in 2010 by Nord Resources ("Nord") and technical information describing their operations can still be found on Nord's SEDAR profile.

Excelsior foresees a smaller operation to Nord's, focusing on exposed copper oxides within the existing open pits and high-value oxides in local extensions. No new infrastructure will be required, with the exception of a new leach pad and minor piping and pumping facilities. Operations could provide up to 5 years of copper production at the 25 million pounds per annum capacity of the existing SXEW plant. Excelsior expects that copper cathode production from the Johnson Camp open pits will commence in the second half of 2022. Production from Johnson Camp will increase the Company's overall production as the Gunnison Project ramps up to full production.

More details will be provided in the Updated Technical Report.

Strong & Harris

The Company's most advanced exploration property is the Strong and Harris copper-zinc-silver deposit located just 1.5 miles (2.4km) north of Excelsior's Johnson Camp SX-EW facility, and directly adjacent to the location of the potential new leach pad.

Mining of the Strong and Harris deposit would be by traditional open pit with high-grade underground mining of the remaining sulfides at the bottom of the pit. A Preliminary Economic Assessment ("PEA") has been completed by Mine Development Associates, a division of RESPEC (MDA), the highlights of which are tabulated below assuming a $3.50/lb. copper price, $1.28/lb. zinc price, and $110/ton acid cost.

Mine Life	~7 years
Material Mined	~54 M ton
Cu/Zn Grades	0.56% / 0.68%
Cu/Zn Produced	437 M lb / 575 M lb
Initial Capital	$328 million
Operating Costs ($/lb CuEq)	$1.76
Average Cu/Zn annual production	62 Mlbpa / 82 Mlbpa
Pre-Tax NPV/IRR (8% discount rate)	$325M / 25%

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

Cu Price US$/lb	NPV Pre-Tax @ 8%	IRR	NPV After-Tax @ 8%	IRR
$ 3.00	$ 111,387	14%	$ 38,999	10%
$ 3.25	$ 218,426	19%	$ 113,438	15%
$ 3.50	$ 325,466	25%	$ 186,958	19%
$ 3.75	$ 432,505	30%	$ 260,306	23%
$ 4.00	$ 539,544	35%	$ 333,264	27%

The Company's next steps with Strong and Harris are a drill program targeting adjacent geophysical anomalies with the goal of expanding the mineral resource, metallurgical test work and completion of a feasibility study.

Mineral Resources

The Strong and Harris Mineral Resources are provided in the table below.

% Cu Cutoff	Tons	% Cu	% CuOx	% Zn	oz Ag/ton	lbs Cu	lbs CuOx	lbs Zn	oz Ag
*0.1*	*76,161,000*	*0.52*	*0.33*	*0.56*	*0.12*	*794,049,000*	*500,155,000*	*858,425,000*	*9,515,000*
0.2	54,187,000	0.67	0.42	0.70	0.15	731,493,000	458,808,000	757,677,000	7,900,000
0.4	34,848,000	0.90	0.56	0.87	0.17	624,078,000	390,701,000	605,666,000	5,768,000
0.6	22,176,000	1.12	0.71	1.05	0.18	498,599,000	314,910,000	463,692,000	4,050,000
0.8	12,280,000	1.48	0.94	1.35	0.20	362,913,000	231,657,000	330,633,000	2,455,000
1	7,077,000	1.91	1.25	1.77	0.23	271,046,000	176,599,000	250,717,000	1,645,000

Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Mineral resources are reported at a 0.1 % Cu cut-off (indicated in bold lettering and italics in the table) in consideration of potential open-pit mining and heap-leach and flotation processing. The Mineral Resource is constrained by a pit optimization.
All other sensitivity cut-offs are applied to the in-pit Mineral Resource and represent subsets of the Mineral Resource.
Rounding as required by reporting guidelines may result in apparent discrepancies between tons, grades, and contained metal content.
The effective date of the Mineral Resource estimate is September 9, 2021.
See additional resource estimate notes below.

The estimate is classified as an inferred mineral resource, consistent with the CIM definitions referred to in National Instrument 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.

PEA Assumptions

The PEA is based on conventional open pit mining with a contract miner using 100-ton capacity haul trucks and wheeled loaders. Pit designs include 4 pit phases to achieve the ultimate pit. Waste is planned to be stored in a single waste rock facility located to the east of the pit.

Processing assumes leaching of oxide and lower-grade mixed material in a single leach pad located to the west of the ultimate pit. In addition, higher-grade mixed material and sulfide material are planned to be processed using flotation and concentration of material. The concentrate would be transported to a suitable smelter. A conceptual tailings facility of suitable capacity is located to the west of the ultimate pit buttressed to the north by the heap leach pad. Construction of the tailings embankment is assumed to be completed using mined waste material.

A processing rate of 20,000 tons per day for run-of-mine ("ROM") leaching. ROM leaching costs were estimated to be $5.62 per ton processed with a recovery rate of 92.3% for soluble copper and 82.3% for zinc. Acid costs are estimated to be $110 per ton and are included in the ROM leaching cost.

Flotation processing rate of 5,000 was used in the PEA assuming a cost of $11.70 per ton. In addition, other costs are applied including: $76/ton of copper concentrate, $140/ton of zinc concentrate and $6.00 per ton penalties. These costs were converted into $/ton processed based on a mass pull of 4% into the concentrate. This yields: $3.04, $5.60, and $0.24 per ton processed for treatment, transportation, and penalties respectively. Flotation recoveries for copper of 80.1% and 84.0% were used for mixed and sulfide respectively. Zinc recoveries of 69.7% and 89.0% were used for mixed and sulfide material respectively.

Royalties on production were applied using a 3% GRR with the exception of Sections 23 and 24 which carry a royalty of 17.785% GRR (including the impact of the stream). Mineralization from these Sections represents approximately 2.5% of the total $3.50/lb. copper price constrained PEA open pit.

Mining costs of $2.50 per ton were assumed which are based on similar projects with actual contractor quotations. The total mining cost assumption used is $2.50/ton mined including $0.03/ton for mine management.

Mine design was completed in 3-D and included 20 foot bench heights, 50 foot wide ramp at 1 in 9 grade, ore and waste scheduling and trucking distances.

The economic parameters discussed above were used for pit optimizations. Four pit phases were designed based on the pit optimizations. An NSR equivalent value in $/ton was developed in the resource model and NSR cutoff grades were applied to the resources inside of the pit designs.

Mineral Resource Estimation Methods

The mineral resource estimate was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. Estimation methods are summarized below:

The copper, zinc, and silver mineral resources at the Strong and Harris project were modeled and estimated by:
- Developing a geological model, reflecting stratigraphic control of mineralization hosted in receptive rocks;
- Developing oxidation surfaces based on the soluble copper total copper ratios from the assay data;
- Evaluating the drill data statistically;
- Interpreting domain polygons on sets of cross sections spaced at 200-foot intervals for copper, zinc, and silver;
- Coding a block model comprised of 20 x 20 x 20 (x, y, z) foot blocks to the domains using the sectional mineral-domain polygons;
- Analyzing the modeled mineralization geostatistically to aid in the establishment of estimation and classification parameters;
- Interpolating copper, soluble copper ratios, zinc, and silver grades into the model blocks using the mineral- domain coding to explicitly constrain the grade estimations; and
- Evaluating the resulting model in detail prior to finalizing the mineral resource estimation.
The Strong and Harris Deposit Mineral Resources have been constrained to lie within optimized pit shells created using a copper price of USD $3.50/pound of copper and $1.28/pound of zinc. Silver resources were not considered in the constraint. Additional inputs for the pit-optimizations include: Mining - $2.00/ton mined, heap leaching - $5.00/ton processed, flotation- $9.00/ton processed; and G&A cost of $0.83/ton at an assumed 7.2 million tons per year processing rate. Copper and zinc recoveries are based on historical test data. Leaching recovery rates of 92.3% for soluble copper and 82.3% for zinc were used in the optimization. Flotation recoveries for copper of 80.1% and 84.0% were used for mixed and sulfide material respectively. Zinc recoveries of 69.7% and 89.0% were used for mixed and sulfide material respectively.
A refining cost of $0.08/pound and a 3.0% gross revenue royalty were also applied.
The mineral resource estimate for the Strong and Harris deposit is based on results from 152 drill holes totalling 130,678 feet (ft).
The mineral resource estimate is contained within a block model of the deposit covering a surface area of 3.91 square miles and to a maximum depth of 2,820 feet below the topographic surface. The major geologic formations and oxidization types are incorporated into the block model based on the drill hole intercept data.

Strong and Harris Expansion Potential

The mineralization at Strong and Harris is open down plunge and a recent airborne magnetic survey shows a look-alike magnetic anomaly, under cover, due south of the known deposit. The adjacent Peabody Sill is open down dip and along strike and shows a contiguous induced polarization anomaly along strike and under cover to the north.

Additional Exploration Properties

Excelsior has also assembled a number of exploration and development properties in the Cochise Mining District. The Cochise Mining District hosts several known copper and copper-zinc deposits with production dating back to the early 1900s. The district has never been consolidated into one entity until Excelsior completed this task by acquiring firstly the Johnson Camp Mine and then Strong and Harris. No modern exploration has occurred in the district which has substantial geological and drilling data sets. Given this land consolidation and available data sets, Excelsior decided in 2020 to initiate an exploration program to capitalize on the opportunities available to it. Excelsior has identified several magnetic and/or electrical geophysical anomalies on Excelsior's properties in the Cochise Mining District.

Further, Excelsior also has landholdings in the historic Turquoise Mining District, also referred to as the Courtland District or the Courtland-Gleeson District, located approximately 30 miles southeast of the Johnson Camp Mine. The district has experienced a long history of mining and exploration dating back to the late 1800s. Historic mining and many past exploration programs focused on shallow CRD mineralization hosted within the lower Paleozoic sediments in the district. Previous workers including Bear Creek Mining and Anglo American determined the CRD mineralization to be part of a larger porphyry system and identified the district as having significant potential for discovery of a world class porphyry copper deposit.

In 2021, Excelsior obtained a complete dataset of exploration work conducted by Anglo American in the Courtland-Gleeson area. These data have been reviewed by Excelsior staff and contract geophysicists as part of due diligence and technical assessment of the district. Additionally, compilation of historic reports and data from numerous sources including the USGS, Bear Creek Mining, Santa Fe Pacific, and other workers has been used to assess the district.

About Excelsior Mining

Excelsior's technical work on the Gunnison Copper Project and Johnson Camp is supervised by Stephen Twyerould, Fellow of AUSIMM, President & 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 related to the Gunnison Copper Project and Johnson Camp and underlying sampling, analytical and test data.

The technical information contained in this news release under the heading "Additional Exploration Properties" has been reviewed and approved by Roland Goodgame, Member of the Australian Institute of Geoscientists MAIG, SVP Business Development of Excelsior, and a Qualified Person as defined by National Instrument 43-101. Mr. Goodgame has reviewed and approved the technical information contained in this news release under the heading "Additional Exploration Properties" and underlying sampling, analytical and test data.

The technical information contained in this news release with respect to Strong & Harris has been reviewed and approved by the following Independent Qualified Persons from MDA, a division of RESPEC:

Mr. Jeff Bickel, C.P.G., of MDA, Reno, Nevada (geology and mineral resource)
Mr. Michael Gustin, PhD., P.Geo, of MDA, Reno, Nevada (geology and mineral resource)
Robert Bowell, PhD, C.Chem, C.Geol, SRK Consulting (UK) Limited, Cardiff, Wales, UK (mineral processing and metallurgical testing, recovery methods)
Mr. Thomas L. Dyer, P.E., of MDA, Reno, Nevada (mining methods, capital and operating costs, and economic analysis)

Additional information about the Gunnison Copper Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: "Gunnison Copper Project, NI 43-101 Technical Report, Feasibility Study" dated effective December 17, 2016.

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; (iv) the intention to mine Johnson Camp and future production therefrom; (v) the results of the Preliminary Economic Assessment on the Peabody Sill and Strong & Harris; and (vi) future development of exploration projects in the Cochise Mining District and Courtland-Gleason.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95969

INVESTOR PRESENTATION

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