What you need to know: • EDG announced that drilling has commenced at its Reliance Gold Project, with a second rig being mobilized to accelerate the 2026 program. • Phase 1 will focus on upgrading the near-surface, pit-constrained MRE to the Indicated category, expanding mineralization within the pit shell, and testing deeper high-grade extensions of the underground mineralization. • In April, EDG received $2.8M in proceeds from the exercise of 7.0M warrants and 1.65M stock options by insiders. This morning, Endurance Gold Corp. (EDG:TSXV) announced that drilling has commenced at its 100%-owned Reliance Gold Project in Southern British Columbia, with a second drill rig currently being mobilized to accelerate the program. The fully funded 2026 campaign began on May 1st and will include a minimum of 8,000m of diamond drilling, with additional metres to be added as results warrant. We are maintaining our BUY rating and target price of $0.90/share on EDG. Phase 1 drilling is designed to upgrade the near-surface, pit-constrained MRE to the Indicated category, expand mineralization within the existing MRE pit shell, and test for deeper high-grade extensions that could grow the underground resource. The first hole, DDH26-128, is in progress, testing a 25m step-out from DDH22-027, which returned 8.31 g/t Au over 11.9m within a broader 4.16 g/t Au over 30.0m. The hole has already intersected a 10m mineralized interval in the footwall of the Royal Shear Fault at 74m downhole and is continuing to a target depth of 190m. At the Imperial Zone, the second rig will test a 40m step-out on the Imperial horizon in which hole DDH24-109 returned 6.74 g/t Au over 21.8m, including 10.11 g/t Au over 12.4m, and continue to ~575m depth to test a 100m step-out on the Lower Imperial horizon, where hole DDH24-106 intercepted 7.18 g/t Au over 8.3m within 4.47 g/t Au over 15.3m.