Excelsior Mining Corp. provided an update on the mining camp encompassed by the Gunnison Copper Project (Gunnison), the Johnson Camp Copper Mine (JCM) and Strong and Harris, located in Cochise County, southeastern Arizona. Nuton ­ JCM Update: In addition to the favorable drilling results which were previously announced on September 14, 2023 and October 16, 2023, Nuton related activities are progressing according to plan and remain on budget and on schedule.

Nuton has begun running leaching tests with the Nuton TM technologies. Should Nuton elect to move to Stage 2 of the project, then construction is anticipated to commence in first half 2024. Gunnison Copper Project Update: Additional well stimulation modelling has recently been completed, which supports the results of prior modelling, indicating well stimulation has the potential to greatly improve flow, connectivity and permeability, thereby improving sweep efficiency and gas bubble removal.

See October 18th 2022 News for prior modelling. Contractors have been identified for certain aspects of the well stimulation trails and long-lead item equipment has been acquired or ordered. Trials are subject to work plan approvals and additional working capital.

Mining Camp: Excelsior is taking a broader and more integrated view of the entire mining camp under its control, including the potential for a large centralized processing facility taking advantage of the recent advances in sulfide leaching technology, like that provided by Nuton, combined with more traditional mining approaches like large open pit mining. Well stimulation at the Gunnison Copper Project remains the primary focus; however, the results of Excelsior's review may indicate favorable economics for open pit mining of Excelsior assets. The resource estimate the Gunnison Copper Project compares favorably to other proposed open pit mining operations in Arizona in terms of grade and tonnage.

The concept of a larger, centralized processing facility being fed by traditional mining activities would benefit the nearby Strong and Harris project, which is located only 2 miles (3.2 km) north of Johnson Camp.