You can create a new imagery project from multiple ways in ArcGIS Excalibur. You can create a project from your queued images in catalog or save a project from canvas.
Create a project from catalog
Use the catalog to search for imagery to use in your project. Add your images to the Queued Images tab in the imagery catalog search or from the imagery exploitation canvas, and follow the workflow in Create an imagery project.
Create a project from canvas
If you are working with imagery in canvas and want to save your work on-the-fly, you can do so by following the workflow in Save a project from canvas.