Endurance Gold/EDG
Research Report

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Disclosures for Atrium Research, Endurance Gold, October 6, 2025:

Endurance Gold Corp. (EDG:TSX.V; ENDGF:OTCQB; 3EG:FSE) released assay results for four more drill holes at its fully owned Reliance Gold Project in British Columbia, including three from the Crown Gap and one from the Imperial Zone, Atrium Research analysts Ben Pirie and Nicholas Cortellucci noted in updated research on October 6.

All holes intersected gold mineralization along the Royal Shear contact, with one also testing a newly identified mineralized ultramafic-chert contact in the footwall sequence, the analysts said.

The standout intercept was from DDH25-117, which yielded 5.13 grams per tonne gold (g/t Au) over 19.8 meters, including 7.70 g/t Au over 9.2 meters, within the Imperial Zone. With 12 out of 18 holes drilled in the Crown Gap showing significant gold-antimony mineralization, these results continue to confirm the continuity of the high-grade Royal Shear system.

EDG is advancing its resource modeling efforts alongside prospecting, geological mapping, and sampling across the property.

"We are maintaining our BUY rating and target price of CA$0.50 per share on EDG," Pirie and Cortellucci wrote in the update.

Highlights from the Release

The 2025 drilling program has now completed 20 holes, totaling 6,438 meters, including:

• DDH25-117: 5.13 g/t Au and 0.75% Sb over 19.8 meters, including 7.70 g/t Au and 1.07% antimony (Sb) over 9.2 meters (intersected Royal Shear at 164.8 meters in the Imperial Zone; drilled with HQ core for metallurgical testing).
• DDH25-119: 1.89 g/t Au over 0.6 meters at 71.9 meters; mineralized zone largely replaced by feldspar dyke.
• DDH25-120: 1.81 g/t Au over 7.0 meters from near-surface mineralization, 50 meters up-dip of DDH25-119, marking the first shallow intercept in the Crown Zone.
• DDH25-121: 10.15 g/t Au over 1.5 meters from the Royal Shear, and 5.40 g/t Au over 4.8 meters (including 12.0 g/t Au over 1 meter) from a mineralized ultramafic-chert contact, representing a 60-meter step-out from DDH25-115.

Assays are pending for five holes, with the current rig targeting a 70-meter step-out from the Lower Crown discovery hole DDH24-103 (7.61 g/t Au over 5.7 meters), the analysts wrote. This hole is also designed to test deeper into the footwall volcanic package, evaluating the extension of the ultramafic-chert contact previously intersected in DDH25-115 and DDH25-121.

With multiple zones now yielding consistent mineralization, the remainder of the program is expected to further outline the system’s depth potential and support ongoing resource modeling efforts.

Atrium's Take

The new results align well with the impressive drill intercepts reported since the drilling began, the analysts said. The highlight intercept in hole 117, 5.13 g/t Au over 19.8 meters underscores the high-grade potential at the Imperial Zone.

"The EDG team has refined their targeting strategy and is now consistently intersecting mineralization," Pirie and Cortellucci noted. "We are excited for the remaining results as we lead into the inaugural MRE (mineral resource estimate)."

Upcoming catalysts for Endurance include ongoing results from the 2025 exploration campaign and metallurgical test work and an inaugural MRE expected in Q4/25.