----

----

| For the fiscal year ended May 31, 2010 |   | Commission file Number 1-7602 |
|----------------------------------------|--------|-------------------------------|

|   | EXCALIBUR INDUSTRIES |
|--------|----------------------|

| State or other jurisdiction of incorporation or organization:         | UTAH                               |
|-----------------------------------------------------------------------|------------------------------------|
|                                                                  |                               |
| IRS Employer Identification Number:                                   | 87-0292122                         |
|                                                                  |                               |
|      Address of principal executive offices: | Post Office Box 3551               |
|                                                                  | Duluth, Minnesota  55803 |
|                                                                  |                               |
|      Registrant’s telephone number:    | (218) 724-4711                     |
|                                                                  |                               |
|      E-mail Address:                         | mhubert1@msn.com                   |
|                                                                  |                               |
| Securities registered pursuant to Section 12(b) of the Act            |                               |
|                                                                  |                               |
|                                                                  | Name of each exchange              |
| Title of Each Class                                                   | on which registered                |
| Common stock (Par value $0.01 per share)                              | None                               |
|                                                                  |                               |
| Securities registered pursuant to Section 12 (g) of the Act:          | None                               |

----

| 1.     | May 27, 2005 Wyoming District Court – Magistrate William Beaman                             |
|--------|---------------------------------------------------------------------------------------------------|
| 2.     | July 13, 2005 Wyoming District Court – Judge Clarence Brimmer                               |
| 3.     | November 26, 2006 U. S. Court of Appeals 10th Circuit – Circuit Judges Lucero,              |
|   | Siler & O’Brien                                                                         |
| 4.     | February 12, 2008 Supreme Court of the United States                                              |
|   |      Plaintiff Pleading for Verdict Review                               |
|   |      Submitted by Joseph P. Hubert, CPG, President, Excalibur Industries |
| 5.     | February 13, 2009 Northern District Court of Ohio—Judge Ann Aldrich                         |

----

| A. | Mountain West Mines, Inc. |
|----|---------------------------|

| B. | The Cleveland-Cliffs Iron Company |
|----|-----------------------------------|

----

| C. | Cameco Corporation, (Canada), (Cameco Resources Inc., a member of the Cameco Group of Companies) |
|----|--------------------------------------------------------------------------------------------------|

| CAMECO ANNUAL FORM |   |
|--------------------|--------|
|               |   |

----

| (C. | Cameco Corporation, (Canada), (Cameco Resources Inc., a member of the Cameco Group of Companies) - continued |
|-----|--------------------------------------------------------------------------------------------------------------|

| D.   | Uranerz Energy Corporation - Vancouver, BC Canada (not to be confused with Uranerz USA) on December 9, 2005, Excalibur optioned its 44 unpatented mining claims in Powder River to Uranerz Energy.  Option term is three years, with the commitment of $750,000.00 field expenditures and an advance royalty payment of $250,000.00.  Excalibur is very fortunate in securing the extensive expertise of Uranerz management and ISL operations. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| E.   | Excalibur’s 7,000,000-foot (+) drill hole library covering over 300 square miles of the Powder River Basin could prove invaluable in a profitable uranium market.  A large portion of this area has been re-staked by competitors and acquired by Uranerz Energy and others.  Uranerz is currently negotiating the purchase of the Drill Hole Library – terms being considered are:  2 million shares of Uranerz stock with a strike warranty at price of $3.00 on 1⁄2 million warrants per year for four years. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| North Butte Deposit Area                        |   |          |
|-------------------------------------------------|--------|---------------|
| Pfister Patent   - 49-77-0019    |   | 222.420 acres |
| Brown Patent  - 49-77-0022            |   | 739.016 acres |
|                                            |   | 952,436 acres |
|                                            |   |          |
| Surface acres included with mineral acres       |   | 309.000 acres |
|                                            |   |          |
| Greasewood Creek Dposit Area                    |   |          |
| Greasewood Creek Patent  - 49-75-0068 |   | 646.596 acres |
| Surface acres                                   |   | 000.000 acres |
|                                            |   |          |

----

----

----

| (a-d) | No matters were submitted to a vote of security holders during the quarter ended May 31, 2010 through solicitation of proxies or otherwise.  The last annual shareholder’s meeting of the Company was held November 23, 2009. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | Principal Market:  The stock of the Corporation was formerly traded on the Intermountain Stock Exchange in Salt Lake City, Utah.  At the present time the stock is not traded on a listed stock exchange and the Company knows of no market maker. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Approximate number of shareholders of record as of May 31, 2010 is 1,103. |
|-----|---------------------------------------------------------------------------|

| (c-1) | No dividends have been paid or declared in the past 5 fiscal years. |
|-------|---------------------------------------------------------------------|

----

|   |                                                                |   | 2010      |   | 2009      |   | 2008      |   | 2007      |   | 2006      |
|--------|---------------------------------------------------------------------|--------|-----------|--------|-----------|--------|-----------|--------|-----------|--------|-----------|
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   | Total Revenues                                                      | $      | 0         | $      | 0         | $      | 0         | $      | 0         | $      | 250,000   |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   | Total Operating Expense                                             |   | 15,136    |   | 60,437    |   | 21,408    |   | 12,398    |   | 43,723    |
|   | Income (Loss) from Operations                                       |   | (15,136)  |   | (60,437)  |   | 21,408    |   | (12,398)  |   | 206,277   |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   | Other Income (Expense)                                              |   | 9,044     |   | 13,122    |   | 13,616    |   | 9,139     |   | 1,118     |
|   |     Income (Loss) -                             |   |      |   |      |   |      |   |      |   |      |
|   |         Before Income Taxes |   | 6,092     |   | (47,315)  |   | 7,792     |   | (3,259)   |   | 207,395   |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   | Provision For Income Taxes                                          |   | 200       |   | 100       |   | 100       |   | 100       |   | 100       |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   |     Net Income (Loss) Before                    |   |      |   |      |   |      |   |      |   |      |
|   |         Extraordinary Gain  |   | (6,292)   |   | (47,415)  |   | (7,892)   |   | (3,359)   |   | 207,295   |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   | Extraordinary Gain                                                  |   | 0         |   | 0         |   | 0         |   | 0         |   | 0         |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   |     Net Income (Loss)                           |   | (6,292)   |   | (47,415)  |   | (7,892)   |   | (3,359)   |   | 207,295   |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   | Retained Earnings (Deficit)                                         |   |      |   |      |   |      |   |      |   |      |
|   |     Beginning of Year                           |   | 98,384    |   | 145,799   |   | 153,691   |   | 157,050   |   | (50,245)  |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   | Retained Earnings (Deficit)                                         |   |      |   |      |   |      |   |      |   |      |
|   |     End of Year                                 | $      | 92,092    | $      | 98,384    | $      | 145,799   | $      | 153,691   | $      | 157,050   |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   | Average Shares of Common                                            |   |      |   |      |   |      |   |      |   |      |
|   |     Stock Outstanding                           |   | 6,319,307 |   | 6,319,307 |   | 6,319,307 |   | 6,319,307 |   | 6,319,307 |
|   | Net Income (Loss) Per Share                                         |   |      |   |      |   |      |   |      |   |      |
|   |     of Common Stock                             | $      | (0.0010)  | $      | (0.0075)  | $      | (0.0012)  | $      | (0.0005)  | $      | 0.0328    |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   | Total Assets -                                                      |   |      |   |      |   |      |   |      |   |      |
|   |     End of Year                                 | $      | 272,223   | $      | 309,102   | $      | 309,102   | $      | 297,470   | $      | 300,829   |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   | Long-Term Obligations                                               | $      | 0         | $      | 0         | $      | 0         | $      | 0         | $      | 0         |
|   | Cash Dividends Declared                                             |   |      |   |      |   |      |   |      |   |      |
|   |     Per Share of Common Stock                   | $      | 0         | $      | 0         | $      | 0         | $      | 0         | $      | 0         |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |
|   |                                                                |   |      |   |      |   |      |   |      |   |      |

----

----

----

| Consolidated Balance Sheets                                                                                                                                                                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| May 31, 2010, 2009 and 2008                                                                                                                                                                  |   |
| (Unaudited)                                                                                                                                                                                  |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |   | 2010 |   | 2009 |   | 2008 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                                       |   |
| Current Assets                                                                                                                                                                               |   |   |   |   |   |   |   |
|     Cash and cash equivalents                                                                                                                                            | $      | 65,842 | $ | 100,999 | $ | 113,733 |   |
|     Marketable securities                                                                                                                                                |   | 106,005 |   | 46,025 |   | 94,520 |   |
|     Interest receivable                                                                                                                                                  |   | 276 |   | 1,354 |   | 749 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                         Total Current Assets                         |   | 172,123 |   | 148,378 |   | 209,002 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Property and Equipment                                                                                                                                                                       |   |   |   |   |   |   |   |
|     Mining properties and interests                                                                                                                                      |   | 100,000 |   | 100,000 |   | 100,000 |   |
|     Furniture and fixtures                                                                                                                                               |   | 2,354 |   | 2,354 |   | 2,354 |   |
|     Mining equipment                                                                                                                                                     |   | 1,347 |   | 1,347 |   | 1,347 |   |
|                                                                                                                                                                                         |   | 103,701 |   | 103,701 |   | 103,701 |   |
|     Accumulated depreciation                                                                                                                                             |   | (3,661) |   | (3,661) |   | (3,661) |   |
|                         Total Property and Equipment                 |   | 100,040 |   | 100,040 |   | 100,040 |   |
| Other Assets                                                                                                                                                                                 |   |   |   |   |   |   |   |
|     Deposits                                                                                                                                                             |   | 60 |   | 60 |   | 60 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                         Total Assets                                 | $      | 272,223 | $ | 248,478 | $ | 309,102 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                         |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Current Liabilities                                                                                                                                                                          |   |   |   |   |   |   |   |
|     Income tax payable                                                                                                                                                   | $      | 100 | $ | 100 | $ | 100 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                         Total Liabilities                            |   | 100 |   | 100 |   | 100 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
| Stockholders' Equity                                                                                                                                                                         |   |   |   |   |   |   |   |
|     Common stock - $.01 par value,                                                                                                                                       |   |   |   |   |   |   |   |
|         authorized 10,000,000 shares,                                                                                                                |   |   |   |   |   |   |   |
|             issued 6,319,307 shares including shares in treasury                                                                 |   | 63,193 |   | 63,193 |   | 63,193 |   |
|     Capital received in excess of par value                                                                                                                              |   | 80,591 |   | 80,591 |   | 80,591 |   |
|     Retained earnings (deficit)                                                                                                                                          |   | 92,092 |   | 98,384 |   | 145,799 |   |
|     Accumulated other comprehensive income                                                                                                                               |   | 36,352 |   | 6,315 |   | 19,524 |   |
|     Treasury Stock 10,100 shares at cost                                                                                                                                 |   | (105) |   | (105) |   | (105) |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                         Total Stockholders' Equity                   |   | 272,123 |   | 248,378 |   | 309,002 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                         Total Liabilities and                        |   |   |   |   |   |   |   |
|                             Stockholders' Equity | $      | 272,223 | $ | 248,478 | $ | 309,102 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |
|                                                                                                                                                                                         |
| See accompanying notes and accountants’ compilation report                                                                                                                             |

|   | Securities and Exchange Commission - Form 10-K |
|--------|------------------------------------------------|

----

|                                                                                                                                                                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Consolidated Statements of Operations and Changes in Retained Earnings (Deficit)                                                                                         |   |
| Years Ended May 31, 2010, 2009 and 2008                                                                                                                                  |   |
| (Unaudited)                                                                                                                                                              |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
|                                                                                                                                                                     |   | 2010 |   | 2009 |   | 2008 |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
| Revenues                                                                                                                                                                 |   |   |   |   |   |   |   |
|     Royalties                                                                                                                                        | $ | --- | $ | --- | $ | --- |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
| Operating Expenses                                                                                                                                                       |   |   |   |   |   |   |   |
|     Mining and related expenses                                                                                                                      |   | --- |   | --- |   | --- |   |
|     General and administrative                                                                                                                       |   | 15,136 |   | 60,437 |   | 21,408 |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
|                         Total Operating Expenses |   | 15,136 |   | 60,437 |   | 21,408 |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
|                         Loss From Operations     |   | (15,136) |   | (60,437) |   | (21,408) |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
| Other Income (Expense)                                                                                                                                                   |   |   |   |   |   |   |   |
|     Interest Expense                                                                                                                                 |   | --- |   | --- |   | --- |   |
|     Interest and dividend income                                                                                                                     |   | 9,432 |   | 9,223 |   | 13,616 |   |
|     Gain (loss) on sale of equity investments                                                                                                        |   | (388) |   | 3,899 |   | --- |   |
|                                                                                                                                                                     |   | 9,044 |   | 13,122 |   | 13,616 |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
|                         Loss Before Income Taxes |   | (6,092) |   | (47,315) |   | (7,792) |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
| Provision For Income Taxes                                                                                                                                               |   | 200 |   | 100 |   | 100 |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
|                         Net Loss                 |   | (6,292) |   | (47,415) |   | (7,892) |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
| Retained Earnings - Beginning of Year                                                                                                                                    |   | 98,384 |   | 145,799 |   | 153,691 |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
| Retained Earnings - End of Year                                                                                                                                          | $ | 92,092 | $ | 98,384 | $ | 145,799 |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
| Net Loss Per Share of Common Stock                                                                                                                                       | $ | (0.0010) | $ | (0.0075) | $ | (0.0012) |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
| Outstanding Number of Common Shares                                                                                                                                      |   | 6,319,307 |   | 6,319,307 |   | 6,319,307 |   |
|                                                                                                                                                                     |   |   |   |   |   |   |   |
|                                                                                                                                                                     |   |   |
|                                                                                                                                                                     |   |   |
| See accompanying notes and accountants’ compilation report                                                                                                         |   |   |

----

| Consolidated Statements of Cash Flows                                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Years Ended May 31, 2010, 2009 and 2008                                                                                                                                                      |
| (Unaudited)                                                                                                                                                                                  |
|                                                                                                                                                                                         |   |   |   |   |   |   |
|                                                                                                                                                                                         |   | 2010 |   | 2009 |   | 2008 |
|                                                                                                                                                                                         |   |   |   |   |   |   |
| Cash Flows From Operating Activities                                                                                                                                                         |   |   |   |   |   |   |
|     Net loss                                                                                                                                                             | $ | (6,292) | $ | (47,415) | $ | (7,892) |
|     Adjustments to reconcile net loss to net cash                                                                                                                        |   |   |   |   |   |   |
|         provided by operating activities                                                                                                             |   |   |   |   |   |   |
|             (Increase) Decrease in:                                                                                              |   |   |   |   |   |   |
|                 Interest receivable                                                                          |   | 1,078 |   | (605) |   | (749) |
|            (Gain) loss on sale of equity investments                                                                                  |   | 388 |   | (3,899) |   | --- |
|                                                                                                                                                                                         |   |   |   |   |   |   |
|                         Net Cash Provided By (Used in)               |   |   |   |   |   |   |
|                             Operating Activities |   | (4,826) |   | (51,919) |   | (8,641) |
|                                                                                                                                                                                         |   |   |   |   |   |   |
| Cash Flows From Investing Activities                                                                                                                                                         |   |   |   |   |   |   |
|     Purchase of investment securities                                                                                                                                    |   | (35,387) |   | (39,710) |   | (74,996) |
|     Proceeds from sale of equity investments                                                                                                                             |   | 5,056 |   | 78,895 |   | --- |
|                                                                                                                                                                                         |   |   |   |   |   |   |
|                         Net Cash (Used) Provided By                  |   |   |   |   |   |   |
|                             Investing Activities |   | (30,331) |   | 39,185 |   | (74,996) |
|                                                                                                                                                                                         |   |   |   |   |   |   |
| Cash Flows From Financing Activities                                                                                                                                                         |   |   |   |   |   |   |
|     Loans from shareholders                                                                                                                                              |   | --- |   | --- |   | --- |
|                                                                                                                                                                                         |   |   |   |   |   |   |
|                         Net Cash Provided (Used) By                  |   |   |   |   |   |   |
|                             Financing Activities |   | --- |   | --- |   | --- |
|                                                                                                                                                                                         |   |   |   |   |   |   |
|                         Net decrease In Cash                         |   | (35,157) |   | (12,734) |   | (83,637) |
|                                                                                                                                                                                         |   |   |   |   |   |   |
| Cash - Beginning of Year                                                                                                                                                                     |   | 100,999 |   | 113,733 |   | 197,370 |
|                                                                                                                                                                                         |   |   |   |   |   |   |
| Cash - End of Year                                                                                                                                                                           | $ | 65,842 | $ | 100,999 | $ | 113,733 |
|                                                                                                                                                                                         |   |   |   |   |   |   |
| Supplemental Disclosures                                                                                                                                                                     |   |   |   |   |   |   |
|     Income taxes paid                                                                                                                                                    | $ | 200 | $ | 100 | $ | 100 |
|     Interest paid                                                                                                                                                        | $ | --- |   | --- |   | --- |
|                                                                                                                                                                                         |

----

|   | Notes to Consolidated Financial Statements |
|--------|--------------------------------------------|

----

|                                                      |  2010         | 2009               |  2008         |
|-----------------------------------------------------------|--------------------|--------------------|--------------------|
|  Cost                                                |   69,653 |  39,710       |  74,996       |
|  Fair value                                          |  106,005      |  46,025       |  94,520       |
|  Total gains in accumulated                          |               |               |               |
|       Other comprehensive income |  36,652       |    6,315 |    9.524 |

|    | 2010                 | 2009                 | 2008                 |
|---------|----------------------|----------------------|----------------------|
| Uranium | $  100,000 | $  100,000 | $  100,000 |

|   |                                                              | 2010                                                                | 2009                                                                      | 2008                                                          |
|--------|-------------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------|
|   | Reports and publications                                          | 1,531                                                               | 1,685                                                                     | 1,040                                                         |
|   | Professional                                                      | 8,313                                                               | 49,242                                                                    | 12,602                                                        |
|   | Office expenses and travel                                        | 5,292                                                               | 9,510                                                                     | 7,766                                                         |
|   |                                                              |                                                                |                                                                      |                                                          |
|   |           Total | $   15,136        | $   60,437         | $   21,408       |
|   |                                                              |                                                                |                                                                      |                                                          |

----

| A)   | $1,319,287.00 advance royalty owed to the Cleveland-Cliffs Iron Company from future royalties due MWM from any and all AMI production.  This obligation was satisfied by three different AMI operations – found to be invalid by Appellate Court ruling. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B)   | $250,000.00 advance royalty owed to the Uranerz Energy Corporation from future production royalties due Excalibur from any of the following ore deposits:  Verna Ann; Niles Ranch; Hank; Willow Creek; Doughstick; and, Nichols Ranch. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C)   | $100,000.00 in two payments of $50,000 each from future production royalties owed to Cliffs Natural Resources. |
|----------------|----------------------------------------------------------------------------------------------------------------|

----

| (a, b & e)     Name | Age    | Position                                               |
|--------------------------------------------------|--------|--------------------------------------------------------|
| Joseph P. Hubert                                 | 78     | President, Chief Executive Officer and                 |
|                                             |   |     Chairman of Board of Directors |
| Jack D. Powers                                   | 83     | Vice President and Director                            |
| Joseph C. Kellogg                                | 84     | Vice Presieent/Treasurer and Director                  |
| Allan E. Nugent                                  | 64     | Director                                               |
| Marguerite H. emanual                            | 76     | Secretary                                              |
|                                             |   |                                                   |

----

| (c) | Excalibur has no full time employees. |
|-----|---------------------------------------|

| (d) | Mrs. Marguerite H. Emanuel was elected Corporate Secretary at the November 19, 2002 Annual Meeting.  Mrs. Emanuel is the sister of Joseph P. Hubert, President and CEO.  There are no other family relationships between any Director and Executive Officer and/or any other Director or Executive officer or nominee for Director. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | No Officer, Director or nominee for Director has been involved in any legal proceedings involving Federal bankruptcy laws, or any State insolvency laws, or has been convicted or named in a criminal proceeding, or is the subject of any order, judgment, or decree limiting him in any activity, or from engaging in any type of business practice, or from engaging in any activity in connection with the purchase or sale of any security, or in connection with any violation of Federal or State security laws. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | Security Ownership of Certain Beneficial Owners: |
|-----|--------------------------------------------------|

|           |                                    | Amount and | Percent   |
|----------------|-----------------------------------------|------------|-----------|
|           |                                    | Nature of  | of Class  |
|           | Name and Address                        | Beneficial | as of     |
| Title of Class | of Beneficial Owner                     | Ownership  | 5/31/2010 |
|           |                                    |       |      |
| Common         | Joseph P. Hubert                        | 1,179,000  | 18.66%    |
|           | 1800 Lakeview Drive                     |       |      |
|           | Duluth, MN  55803             |       |      |
|           |                                    |       |      |
| Common         | Allan E. Nugent                         | 1,396,828  | 22.10%    |
|           | 10238 South 2375 East                   | Direct     |      |
|           | Sandy, UTD  84092             |       |      |
|           |                                    |       |      |
| Common         | Arleen T. Ruggeri c/o Robert T. Ruggeri | 816,591    | 12.92%    |
|           | 14300  116th Place NE         | Direct     |      |
|           | Kirkland, WA  98034           |       |      |
|           |                                    |       |      |
| Common         | Service Credit Corp                     | 300,000    | 4.75%     |
|           | 337 N. Main                             | Direct     |      |
|           | Layton, UT 84041                        |       |      |

|   |   |
|--------|--------|

----

|           |                  | Amount and                           | Percent   |
|----------------|-----------------------|--------------------------------------|-----------|
|           |                  | Nature of                            | of Class  |
|           | Name and Address      | Beneficial                           | as of     |
| Title of Class | of Beneficial Owner   | Ownership                            | 5/31/2010 |
|           |                  |                                 |      |
| Common         | Joseph P. Hubert      | 1,179,000                            | 18.66%    |
| Common         | Joseph C. Kellogg     |      40,000 | .63%      |
| Common         | Marguerite H. Emanuel | 100,000                              | 1.58%     |
| Common         | Allan E. Nugent       | 1,396,828                            | 22.10%    |

| (c) | Changes in Control: |
|-----|---------------------|

| (a) | Transactions with Management and Others |
|-----|-----------------------------------------|

----

|   | (a) | 1. | Unaudited Consolidated Financial Statements for the fiscal years ended May 31, 2010, 2009 and 2008, including: |
|--------|-----|----|----------------------------------------------------------------------------------------------------------------|

|   | 2. | None |
|--------|----|------|

| (b) | No reports on Form 8-K have been filed during the quarter ended May 31, 2010 |
|-----|------------------------------------------------------------------------------|

| (c) | None |
|-----|------|

| (d) | None |
|-----|------|

----

|          | EXCALIBUR INDUSTRIES                |
|---------------|-------------------------------------|
|          |                                |
| July 23, 2010 | By:  /s/ Joseph P. Hubert |
|          | Joseph P. Hubert                    |
|          | President, Chief Executive Officer  |
|          | And Chairman of Board of Directors  |
|          |                                |
| July 23, 2010 | By:  /s/ Jack D. Powers   |
|          | Jack D. Powers                      |
|          | Vice President and Director         |

----

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