Enduro Metals Closes $8.9 Million Financing

• Enduro Metals Corporation closed a combined private placement and LIFE Offering on May 14, 2026.
• Total gross proceeds reached $8,851,654, matching the upsized target announced on April 30, 2026.
• The offering consisted of non-flow-through (NFT) units at $0.16 and flow-through (FT) units at $0.22.
• Each unit includes one common share and one-half of a warrant exercisable at $0.24 for 36 months.
• Proceeds are designated for exploration in British Columbia (Flow-Through) and general corporate purposes/working capital (Non-Flow-Through).
• Beacon Securities Limited acted as the sole agent with cash commissions totaling approximately $598,502 plus options.
• Insiders subscribed for 625,000 securities, indicating limited but present management confidence.

• The financing was fully anticipated following the April 30 announcement of an upsized offering; therefore, it lacks surprise element required for a "Material" rating.
• Closing the deal secures necessary capital to fund the upcoming inaugural drilling program at the Andrei target in 2026, which is critical for project advancement.
• However, the issuance of ~44 million new units (shares + warrants) represents significant dilution on an already small market cap base.
• The warrant structure adds substantial future supply overhang ($0.24 strike price), which may suppress upside potential until exercised or expired.
• Insider participation is relatively low compared to total proceeds, suggesting management confidence is not the primary driver of this specific tranche.
• The transaction aligns with previous expectations and does not fundamentally alter the company's risk profile beyond standard junior miner financing risks.

• Company: Enduro Metals Corporation (TSX.V: ENDR).
• Flagship Project: Newmont Lake Project (688 km²) in British Columbia's Golden Triangle.
• Key Targets: Andrei Porphyry Cu-Au target (drill-ready), Burgundy Discovery, McLymont High-Grade Gold Zone.
• Secondary Assets: October Dome Project (Gold-Copper Skarn discovery), Pedro Gold Project (Sold to Southern Empire).
• Management: Robert Cameron (CEO), William Slack (President), Stephen Wetherup (VP Exploration).
• Strategy: Leverage large land package adjacent to major mines (Red Chris, Galore Creek) to discover porphyry systems.