The best exercise to learn the notes on the fretboard is right here!
View the full lesson at The "Find-A-Note" Exercise | JustinGuitar
I’m glad you mention leaving out the open strings. That has the nice benefit of making clean breaks between the octaves as you move up and down the strings. I’ve combined this exercise with a visual technique to get a picture of how the octave ranges cover the fretboard. I drew a 22 fret fretboard and colored the four octave ranges with four different colored pencils. I found this very helpful for me to look at and get a different perspective on the range of the guitar.
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Hello @mindsounds and welcome to the Community.
That sounds like a good way of helping yourself to digest and absorb the learning.
Cheers 
| Richard_close2u | JustinGuitar Official Guide
When it comes to putting this exercise to a metronome I did find even 60bpm very challenging at one note per click. My answer to this problem is to allow more clicks between notes. I started at 4 clicks, then down to 2 until I was ready for the 1.
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What has helped more than anything else when it comes to memorizing the fretboard is Justin’s Guitar Note Trainer. The app is a must. It makes learning the fretboard fun.
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Thanks for the recommendation @JimmytheGreek1
Cheers
| Richard_close2u | JustinGuitar Official Guide & Approved Teacher
I played around on this exercise for the first time yesterday and I totally discovered something that made me very excited. I’m not going to spoil it for others by describing it here, because it feels awesome to have discovered it on my own, and I’m sure others will feel the same way too if they USE THIS APP AND THIS EXERCISE. It is way cool!
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