Excelsior Mining Corp (EXMGF)

[Arizonabilly]

From Triple Flag's Quarterly Report: Gunnison (16.5% copper stream): Excelsior Mining Corp. has reduced operations at the Gunnison Copper
Project wellfield to conserve liquidity and prioritize work on the Johnson Camp Mine restart, planning for
well stimulation trials aimed at improving flow rates and sweep efficiency of the wellfield, and working
through the recommendations of the Gunnison pre-feasibility study of March 2022 aimed at overcoming
the wellfield CO2 generation and flowrate limitations that have been encountered. Acid injection has been
temporarily suspended whilst continuing copper recovery and compliance to ensure underground
solutions are managed and controlled. At the Johnson Camp Mine, infill drill results from the Burro pit
were better than anticipated, with the intersection of zones of significant thickness and good grades. The
encouraging results are the focal point of a new Johnson Camp mine plan which, along with permitting of
a new leach pad and ongoing metallurgical testing and drilling, could see a Johnson Camp restart decision
being taken in 2023 if an economic case can be made.