What you need to know: • This morning, EDG announced assay results from its first drill hole of the 2025 exploration campaign. • Today’s drill hole returned 6.74 g/t Au and 0.16% Sb (antimony) over 21.8m, including 10.11 g/t Au and 0.25% Sb over 12.4m at the Imperial Zone. This hole fills a previously untested 185m gap within the zone. • EDG previously announced its 2025 exploration plans. Notably, the Company plans to report an inaugural ‘open pit’ mineral resource. This morning, Endurance Gold Corp. (EDG:TSXV) announced assay results from its first hole of the 2025 season at the Reliance Gold Project. The hole intersected a wide strongly mineralized portion of the Imperial Zone within an 185m undrilled gap of the Royal shear. Additionally, the hole was tested and intersected the up-dip extension of the gabbro-hosted Lower Imperial Discovery. As the first drill hole reported in the 2025 exploration program, we are excited for EDG to continue reporting results throughout the year as it leads up to its inaugural ‘open pit’ mineral resource. We are maintaining our BUY rating and target price of $0.50/share on EDG. Drill hole DDH25-109 intersected 6.74 g/t Au and 0.16% Sb over 21.8m, including 10.11 g/t gold and 0.25% Sb over 12.4m from the Imperial Zone commencing at 336m downhole depth (Figure 1). The approximate true width was a 65m up-dip step-out from DDH24-106 which returned 3.51 g/t over 6.7m (Figure 2). This successfully discovered a wide high-grade portion of the Imperial Zone at depth. The hole confirmed high-grade sample-to-sample continuity through the higher grade portion and strong lateral mineralization within a previously undrilled 185m gap. The Imperial Zone has now demonstrated to be continuously mineralized from surface to 530m down-dip. The zone remains open to expansion down-dip and along strike to the Northwest and Southeast, testing extensions along strike to the Southwest are in progress. The hole also intersected other high grade veins including 7.89 g/t Au over 1.0m commencing at 380m downhole depth and 53.9 g/t Au over 0.8m commencing at 400.7m downhole depth. One high grade vein (18.9 g/t Au and 0.16% Sb over 0.9m commencing at 534m downhole depth) confirmed the extension of the Lower Imperial “Gabbro” Zone. This is an extension from DDH24-106 (which returned 7.18 g/t over 8.3m including 28.08 g/t over 1.7m) (see Figure 3). Thicker sequences of gabbro with gold bearing structures are confirmed at depth and mineralized structures in the footwall of the Royal Shear remain open for expansion in all directions.