Gold Co. Finds Best Antimony Grade-Over-Width Intersection To Date
Research Report

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Disclosures for Atrium Research, Endurance Gold, July 29, 2025

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On July 29, 2025, Atrium Research analysts Ben Pirie and Nicholas Cortellucci maintained a Buy rating on Endurance Gold Corp. (EDG:TSX.V; ENDGF:OTCQB; 3EG:FSE) with an unchanged target price of CA$0.50, representing 127% upside from the current share price at the time of the report of CA$0.22.

The analysts cited strong drill results from the Reliance Gold Project, including the best gold-antimony intercept to date from a grade-over-width perspective.

Recent Drill Results and Mineralization Discovery

Endurance Gold Corporation announced assay results from four additional drill holes at its Reliance Gold Project, with all holes intersecting strong gold mineralization in the Royal Shear contact. The highlight drill hole DDH25-113 returned 5.63 grams per tonne gold and 5.12% antimony over 3.3 meters, representing the best antimony grade over width intersection to date.

Pirie and Cortellucci emphasized the significance of the antimony content, noting that "to add perspective, at current antimony prices, this 5.12% would add ~10 g/t AuEq to the 5.63 g/t gold intercept, highlighting the significance of the antimony presence." The drill hole also intersected two additional high-grade zones: 11.21 grams per tonne gold over 3.0 meters and 11.35 grams per tonne gold over 0.6 meters.

Additional significant results included DDH25-110 with 2.34 grams per tonne gold over 14.1 meters and DDH25-111 with 2.22 grams per tonne gold over 17.5 meters. The analysts noted that nine of 14 drill holes from the Crown Gap area have returned significant gold and antimony mineralization, with drilling planned to continue testing this area.

Crown Gap Development and Resource Continuity

The drill results successfully tested the Crown Gap, demonstrating potential for a wider shallow plunging portion of the Royal Shear mineralized trend. This trend shows continuity between Imperial and Lower Crown target areas, which remain open to expansion down plunge. DDH25-113 was designed as a 75-meter northwest step-out from the Lower Crown discovery hole, connecting high-grade intercepts in the Imperial and Crown Zones.

The analysts highlighted that these results indicate "a northwest mineralized plunge and connect high-grade intercepts in the Imperial and Crown Zones. This is meaningful as the Company progresses towards an inaugural mineral resource estimate."

2025 Drilling Program Progress

The 2025 diamond drill program has completed 3,610 meters of drilling across eight drill holes, with assays pending for three completed holes. The drill rig is currently completing a metallurgical hole at the Imperial Zone and will subsequently move to the Crown Zone to test near-surface targets up-dip from the Lower Crown discovery hole DDH24-103.

The company continues advancing mineral resource estimate modeling and metallurgical sampling, along with early-stage geological work on the eastern Olympic structures and southeast extension of the Royal Shear Trend.

Non-Dilutive Financing and Cash Position

On July 25, 2025, Endurance Gold raised CA$1.92 million through the sale of non-core equity investments in three junior exploration companies. These equity ownerships were originally acquired through the sale and joint venture of non-core exploration projects. The proceeds will fund ongoing drilling and metallurgical sampling at the Reliance Gold-Antimony Project, as well as general corporate purposes.

The analysts characterized this as "highly positive news as EDG will be able to complete this year's program with plenty of cash left over or expand the program further." The company maintains CA$2.8 million in cash and equivalents with minimal debt of CA$0.2 million, resulting in an enterprise value of CA$36.2 million.

Strategic Location and Deposit Potential

Endurance Gold's Reliance Gold Project benefits from its location in a historic mining camp, situated 10 kilometers from the past-producing Bralorne mine, which contained 4.0 million ounces at 17.7 grams per tonne gold. The analysts emphasized the "idyllic access to infrastructure" and characterized the project as a "multi-million-ounce high-grade deposit in the making."

The Eagle Zone has demonstrated consistent high-grade results across 40 diamond drill holes over 550 meters of strike length, with a weighted average grade of 4.70 grams per tonne gold and average drill composite length of 15.7 meters. All drill intercepts are within 100 meters of the surface, supporting the near-surface development potential.

Investment Thesis and Catalysts

The analysts' investment thesis centers on the epizonal orogenic gold system with "consistent & best-in-class drill results" across multiple zones. Near-term catalysts include ongoing results from the 2025 exploration campaign and completion of metallurgical test work leading to an inaugural mineral resource estimate in 2025.

The company's fully diluted shares outstanding total 176.8 million, resulting in a market capitalization of CA$38.9 million. With average daily trading volume of 12,700 shares, the stock provides exposure to a high-grade gold-antimony project in an established mining jurisdiction with significant exploration upside potential.