Excelsior Mining Closes US$75 Million Project Financing Package and Announces Construction Decision for the Gunnison Copper Project

Excelsior Mining Corp is pleased to announce that the Company has closed a US$75 million project financing package.

The Financing has been provided by Triple Flag Mining Finance Bermuda Ltd.  , and consists of a US$65 million copper metal stream  and a concurrent US$10 million private placement of common shares of Excelsior.

"With this comprehensive financing package, Excelsior will initiate construction activities at the Gunnison Copper Project before year-end," said Stephen Twyerould, President & CEO. "With the two crucial milestones of permitting and construction financing now behind us, we look forward to unlocking the remarkable economics of this project as we advance towards first copper production from the wellfield in 2019."

The closing of the Financing resulted in Excelsior receiving initial gross proceeds of US$20 million. This amount consists of the initial US$10 million of the US$65 million deposit  under the terms of a metals purchase and sale agreement (the "Stream Agreement"), and US$10 million proceeds of the Equity Placement.

The balance of the Stage 1 Upfront Deposit will be provided in instalments at the request of Excelsior as it expends or allocates previously received funds for the construction of the Gunnison Copper Project. As per the Equity Placement component of the Financing, Excelsior has issued to Triple Flag 13,818,977 common shares at an aggregate subscription price of US$10 million, or equal to approximately Cdn$0.95 per share at current exchange rates. The common shares are subject to a four-month statutory hold period that expires on March 31, 2018.

In consideration of the Stream, Excelsior has also issued to Triple Flag 3.5 million five-year common share purchase warrants, whose five-year term shall begin on November 30, 2018, entitling Triple Flag to purchase 3.5 million Excelsior common shares at a strike price of C$1.50 per share issued.

Excelsior is expecting an additional US$9.4 million in financing proceeds from affiliates of Greenstone Resources L.P. pursuant to the terms of a previously announced subscription agreement (see Excelsior news release dated November 21, 2018 - Greenstone Resources Confirms US$9.4 Million Equity Placement). In addition, if Altius Royalty Corporation chooses to exercise its construction royalty option, Excelsior shall receive an further Cdn$5 million in financing proceeds.

About Triple Flag

Triple Flag Mining Finance Bermuda Ltd. and Triple Flag Mining Finance Ltd. together constitute Triple Flag Mining. Triple Flag Mining primarily targets streaming and royalty investments in the mining sector with backing by funds advised by Elliott Management Corporation, an experienced global investment firm with more than $35 billion of assets under management. Triple Flag Mining's focus is on being a leading sought-after long-term funding partner to mining companies throughout the commodity cycle. In less than 2 years, Triple Flag has committed over US$800 million to the mining sector, with a primary focus on precious metal streaming and royalty investments. For more information, visit http://www.tripleflagmining.com.

About Excelsior Mining

Excelsior "The Copper Solution Company" is a mineral exploration and development company that is advancing the Gunnison Copper Project in Cochise County, Arizona. The project is a fully-permitted, advanced staged, low cost, environmentally friendly in-situ recovery copper extraction project. The Feasibility Study projected an after-tax NPV of US$ 807 million and an IRR of 40% using a US$ 2.75 per pound copper price and a 7.5% discount rate.

Excelsior's technical work on the Gunnison Copper Project 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.

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