Thesis Rehash: Over the last several months, Endurance Gold has been highly active in further developing the Reliance Gold Project. The Company has intersected several 100 gram-meter intercepts while almost doubling the size of the zone of focus (Eagle Zone). As of September 30th, the Company had completed 33 diamond drill holes for 7,039m and ~2,800m of RC drilling (Figure 2). The Company expects to wrap up the 2022 8,000m diamond drill program within the next few weeks with assays continuing to roll out until Q1 of next year.

EDG has also been keeping busy beyond the drill bit, having recently signed an exploration agreement with the Bridge River Indian Band regarding the Reliance Gold Property. The Agreement covers all exploration activities through to completion of a feasibility study. Additionally, on October 25th Endurance acquired an option to earn a 100% ownership in the Sanchez Group of ten mineral claims totalling 856 hectares. This acquisition is on top of the acquisition of the Olympic Claims (including the former Minto Gold Mine) announced May 2nd, 2022 (Figure 3).

Drill Results: Endurance Gold has released four sets of diamond drill results since our last note on July 7th. The results were successful in extending the high-grade Eagle South Zone an additional ~150m. Also, the results released August 8th and September 6th, confirmed the high-grade zone extends to depth below the at-surface mineralization with several 100+ gram-meter intersections at over 100m depth. The confirmation of this high-grade mineralization at depth is significant in that it gives little limit to the extent and size of this potential resource. Currently, the Eagle Zone and the Eagle South Zone remains open along strike and to depth.

July 18th, August 8th, September 6th Diamond Drill Assay Highlights:

• DDH22-024: 8.41 g/t Au over 12.0m, including 11.85 g/t Au over 7.7m; and 3.86 g/t Au over 9.0m, including 6.04 g/t Au over 4.5m

• DDH22-026: 8.06 g/t Au over 13.5m, including 10.41 g/t Au over 5.5m

• DDH22-027: 4.16 g/t Au over 30.0m, including 8.31 g/t Au over 11.9m

• DDH22-031 (intersected three mineralized intervals) (Figure 3 & 4):

  • 3.73 g/t Au over 14.0m, including 6.08 g/t Au over 4.0m

  • 2.44 g/t Au over 20.0m, including 5.99 g/t Au over 4.0m

  • 7.58 g/t Au over 11.9m, including 10.38 g.t Au over 6.0m

• DDH22-036 (intersected two mineralized intervals):

  • 7.65 g/t Au over 12.7m, including 10.0 g/t Au over 8.7m

  • 7.55 g/t Au over 8.9m, including 13.35 g/t Au over 2.0m

Why we like EDG:

• Consistent high-grade drill results over 100 gram-meters (22% of holes drill to date intersect >100 g-m)

• At surface mineralization 4.0+g/t material (open-pitable)

• Stable mining jurisdiction (nearby fully permitted operation)

Significant management/insider ownership (~55%+)