Toronto, Ontario – August 4, 2020 – Excellon Resources Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1) (“Excellon” or the “Company”) is pleased to announce the closing of the previously announced private placement (the “Financing”) of secured convertible debentures (the “Debentures“) for total proceeds of C$17,910,000. The proceeds will be used for (i) repayment of the US$6 million bridge loan with Sprott Private Resource Lending II (Collector), LP entered into in connection with the
acquisition of Otis Gold Corp., (ii) exploration on the Silver City, Platosa and Kilgore projects and (iii) general corporate purposes. All amounts are in Canadian dollars, unless otherwise indicated.

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