Endurance Reports Additional $2.8 Million Through Exercise of Warrants and Options

Executive Summary of April 10, 2026 Release

• Event: Exercise of Warrants and Options by Insiders.
• Proceeds: $2.8 million CAD received in cash.
• Breakdown:
  • 7,000,000 warrants exercised at $0.32 per warrant ($2.24M).
  • 1,650,000 stock options exercised at $0.34 per option ($0.56M).
• Use of Proceeds: General working capital and funding the already fully funded Reliance Exploration Program.
• Management Commentary: CEO Robert T. Boyd stated proceeds contribute to working capital and support ongoing exploration confidence.

Evaluation of News Significance

• Liquidity Strengthening: The $2.8 million adds to the liquidity raised in March ($8.3M) and existing cash reserves, ensuring the 2026 drilling program (estimated at ~$10.1M total cost per Feb report) is fully funded without immediate need for further dilutionary financing.
• Insider Confidence: The exercise of warrants and options by insiders signals management belief in the share price relative to their strike prices ($0.32/$0.34 vs current ~$0.50). This reduces downside risk perception compared to a pure equity raise at market price.
• Market Reaction Context: The stock has declined from its February high of $0.83 to the current $0.50 range (approx. 40% drawdown). While positive, this news is incremental relative to the MRE and March financing which drove the initial valuation re-rating. It does not alter the fundamental thesis but stabilizes the capital structure for the execution phase.
• Materiality Determination: The news is Routine - Positive. It confirms funding continuity rather than introducing a new strategic pivot or resource discovery. The market has already priced in the MRE and the March financing; this is a maintenance of that position.

Corporate Profile

• Company: Endurance Gold Corporation (TSXV: EDG).
• Focus: Precious metals exploration, primarily advancing the Reliance Gold Project in British Columbia.
• Flagship Asset: Reliance Gold Project (100% owned), located 4 km east of Gold Bridge, BC.
• Project Status: Inferred Mineral Resource Estimate completed; Exploration drilling program underway for 2026.