Silver mineralization consists of a series of northwest trending high-grade precious metal veins, with the potential for stacked multi-kilometer scale fertile mineralization corridors.

The geology of the project area is characterized by widespread fine grained to porphyritic dikes, associated with clay-sericite-limonite alteration, veins and silicification. Mineralized zones are characterized by strong clay and limonite, quartz veins and silicified zones including darker grey silica zones, and local drusy (open-space) textures.

Different styles of mineralization as well as cross-cutting relationships are observed in rocks from waste dumps and outcrops across the property, indicating a robust multiphase hydrothermal system. Mineralization at Silver Rock is characterized by epithermal style quartz vein textures with alteration typical of this deposit class.

Reconnaissance sampling of outcrops and historic mine waste dumps has yielded high-grade silver results including:

• Sample number SLV-83 with abundant visible silver returned 10 450 g/t silver and 1.2 g/t gold (Figure A).
• Sample number 75307 yielded 7120 g/t silver and 0.5 g/t gold [Figure B].

A) High-grade sample SLV-83 yielded 10450 g/t Ag.
B) High-grade sample 75307 yielded 7120 g/t Ag.
Banded veins and texturally-destructive silica-clay alteration are associated with the high-grade silver mineralization.

The Owyhee District has a rich mining history dating back to the 1900s or earlier. Significant historic work has been identified on the Silver Rock property including 8 adits and 15 prospect pits. Early 1900’s era mining infrastructure is still standing today, signifying the scale of the historic mining operations. Significantly, the Silver Rock Project is not located within any US Forest Service lands or conservation areas and has great access for exploration and development.

The Excalibur exploration team is excited to evaluate this under-explored high-grade silver camp for the first time in the modern era. By combining modern exploration techniques with a commitment towards responsible development, the Silver Rock Project can quickly become a drill-ready opportunity with the potential for a major precious metal discovery in a highly favourable mine-friendly jurisdiction.

The arid physiography of the district and lack of vegetation allow for satellite alteration mapping to identify large areas of epithermal style clay and silica alteration. Moreover, the terrain is well suited for geochemical evaluation techniques including soil sampling and stream sediment geochemistry.

The next phase of systematic work includes:

• Detailed geological mapping and prospecting of the entire land position. Evaluation of alteration mineralogy using Short Wave Infrared (SWIR) technology.
• Stream sediment sampling and ridgetop soil sampling at 100m spacing with follow-up detailed grid soil sampling.
• Acquisition of satellite and Lidar imagery for evaluation of A) alteration and B) structural geology.
• Trenching top-priority soil anomalies; detailed sampling and trench follow-up of mineralized outcrops.

Drill targets will be established and tested based on the sound foundational exploration datasets.

Idaho Silver Corp. has granted an exclusive option to the Excalibur to acquire a 90% interest in the Property in exchange for:

• $75,000 of Excalibur Shares upon closing of a Going Public Transaction
• a further $75,000 of Shares on February 14, 2024
• a further $100,000 of Excalibur Shares on February 14, 2025
• a further $150,000 of Excalibur shares on February 14, 2026
• reimbursing Idaho Silver Corp. for its costs associated with the Property of $48,012
• incurring an aggregate of at least $1,500,000 in Exploration Expenditures by February 14, 2026 (or February 14, 2027 in return for an extension payment of $50,000)
• Idaho Silver Corp. retains a 2.0% Net Smelter Returns royalty on the Property. Excalibur will have the right to reduce the NSR to a 1.0% net smelter returns royalty by paying the Optionor $1,000,000

¹ NI 43-101 Technical Report and Preliminary Feasibility Study for the DeLamar and Florida Mountain Gold – Silver Project, Owyhee County, Idaho, USA. Dated March 22, 2022.

The technical content of this disclosure has been reviewed and approved by Alan Wainwright, P. Geo., of Vector Geological Solutions and a Qualified Person under National Instrument 43-101 on standards of disclosure for mineral projects, who has prepared and reviewed the content of this disclosure.

The results discussed in this disclosure are historical. An Excalibur qualified person has not performed sufficient work or data verification to validate these results in accordance with National Instrument 43-101. Although the historical results may not be reliable, Excalibur nevertheless believes that they provide an indication of the property’s potential and are relevant for any future exploration program.