What you need to know: • EDG is one of the highest grade at-surface discoveries in Canada with grade open along strike and to depth • Simplistic gold camp in the making – Idyllic access to infrastructure, within 10km of another permitted operation, low permitting risk in comparison to the Golden Triangle • Resource has potential to be several million ounces – Orogenic gold deposit confirmed over a 1.5km trend and gold anomalies spanning across the property Endurance Gold Corp. (EDG:TSXV) is a Canadian exploration and development company with assets across North America and a current focus on the Reliance Gold Project near Gold Bridge, B.C. EDG has four 100% owned properties: the Elephant Mountain Gold Project and the McCord Gold Project in Alaska, the Bandito REE-Niobium Project in the Yukon, and its flagship the Reliance Gold Project (Figure 1). In addition, EDG holds interest in four other exploration projects in North America. Endurance Gold’s flagship Reliance Gold Project is the primary driver of our valuation for the Company as it is showing early-yet-strong signs of becoming a multi-million-ounce high-grade gold deposit with economical ounces just kilometers from another permitted gold operation. We are highly encouraged by the Company’s ability to interpret, discover, and grow this orogenic (Fosterville-style) gold deposit systematically and economically. We are initiating coverage on Endurance Gold with a BUY rating and target price of $0.50/share. Investment Thesis Summary Historic Mining Camp. Reliance sits 10km from the 4.0 Moz at 17.7 g/t Au past producing Bralorne mine (now owned by Talisker Resources) and including ownership of the Minto Mine which historically produced 17.5 Koz at 6.3 g/t Au. Multi-Million-Ounce High-Grade Deposit in the Making. Reliance is an epizonal orogenic gold system which is showing signs of a multi-million-ounce deposit. We highlight similarities of this discovery to an early-stage Fosterville-type gold system. Success with the Drill Bit. The drilling of 144 holes on the Project have a success rate which is one of the best in the world with 79% of holes hitting >1.0 g/t Au, 22% of holes hitting >10 g/t and 11% of holes intersecting >100 gram-meters. 2023 Exploration Program. With 2022 focused on extending the limits of the Eagle Zone at surface, 2023 will be focused on testing the zone at depth as well as continuing to grow the zone along strike as the extent has not yet been found. Access to Infrastructure. The location and surrounding infrastructure for the Reliance Project stands out amongst peers in B.C. The Project is a 4-hour drive from Vancouver, kilometers from the town of Gold Bridge, proximal to a public hydro plant, and the favourable climate allows for year-round exploration. Strong Management & Investor Base. EDG is led by CEO Robert Boyd, a proven executive having been CEO of Athabasca Potash and Ashton Mining Canada (sold for $340M and $120M, respectively). The board of directors is also stacked with major mining names such as Richard Gilliam (former owner of Cumberland Coal) & Robert Pease (former CEO of Sabina Gold & Silver).