Endurance Reports Drilling Underway at Reliance Gold Project and Second Rig Mobilized

Executive Summary of Recent Activity

• Endurance Gold Corp. has commenced a diamond drilling program at its 100%-owned Reliance Gold Project in Southern British Columbia on May 14, 2026.
• A second drill rig is being mobilized to accelerate the program, which targets a minimum of 8,000 metres of diamond drilling.
• The primary objective is to upgrade the existing Inferred Mineral Resource Estimate (MRE) to the Indicated category and test for deeper high-grade extensions in the Eagle, Imperial, and Crown zones.
• Current hole DDH26-128 in the Eagle Zone has intersected a 10-metre mineralized interval at 74m depth, with a target depth of 190m.

Context from Historical Announcements

• The drilling program was previously announced on April 8, 2026, as a fully funded multi-rig exploration plan commencing May 1.
• This news confirms the execution of that plan and provides an operational update rather than new strategic direction.
• Previous financing rounds in March 2026 ($8.3M) and April 2026 ($2.8M insider exercise) have provided liquidity for this fully funded program.

Key Technical Details Provided

• Resource Base: 19.6 million tonnes @ 2.30 g/t Au (containing 1.45 million ounces of gold).
• Drilling Targets: Eagle Zone, Imperial Zone, and Lower Imperial horizons.
• Historical Intercepts: Reference holes include DDH24-109 (6.74 g/t Au over 21.8 m) and DDH24-106 (7.18 g/t Au over 8.3 m).
• Geology: Epizonal orogenic gold system with mineralization related to sulphides, silicification, and quartz stockwork/breccia.

Evaluation of News Significance

• The news is classified as Routine - Positive because the drilling commencement was explicitly scheduled in a prior announcement (April 8). It represents execution rather than unexpected discovery or strategic shift.
• There is no material negative information; management confirms funding availability and operational progress.
• The addition of a second rig suggests confidence in the project's potential but does not fundamentally alter the valuation model compared to the single-rig expectation.

Comparison with Expectations

• In Line: The program scope (8,000m) matches the April announcement exactly.
• Improvement: Mobilizing a second rig slightly ahead of schedule or as planned indicates operational efficiency and management confidence in the resource potential.
• Misses: None reported; no delays or funding shortfalls mentioned.

Market Reaction Implications

• The stock price has already reacted to the Inferred Resource announcement (January 2026) and the Financing (March 2026).
• Current trading levels ($0.44) are significantly below the February high ($0.83), suggesting the market is waiting for assay results rather than program commencement news.
• This update serves to maintain momentum but is unlikely to trigger a significant price breakout without positive drill intercepts.

Corporate Profile

• Endurance Gold Corp. is a precious metals exploration company focused on the Reliance Gold Project in British Columbia and Elephant Mountain Project in Alaska.
• The company aims to advance its projects toward a Preliminary Economic Assessment (PEA).

Flagship Project: Reliance Gold Project

• Location: 4 km east of Gold Bridge, BC; road-accessible within the Bridge River Mining Camp.
• Status: Development stage with Inferred Mineral Resource Estimate completed.
• Resource Estimate: 19.6 Mt @ 2.30 g/t Au (1.45 Moz). Split between near-surface open-pit and underground resources.
• Metallurgy: Initial testwork shows ~81% gold recovery to concentrate; antimony recovery under study.

Secondary Project: Elephant Mountain

• Location: Alaska, USA (Tintina Gold Belt).
• Status: Exploration/Development with reduced intrusive hosted gold and antimony prospects.
• Resource: No formal resource estimate disclosed in provided data.