Exploration Co. Finds Gold Opportunities in British Columbia
Research Report

1. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
2. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Disclosures for Atrium Research, Endurance Gold, October 6, 2025:

Analyst Certification: Each authoring analyst of Atrium Research on this report certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated securities discussed (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the research, (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer, (iv) the analyst does not own common shares, options, or warrants in the company under coverage, (v) the analysts adhere to the CFA Institute guidelines for analyst independence, and (vi) this report belongs to the CFA Institute.

Atrium Research provides institutional quality company sponsored research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, and an in-depth valuation analysis. For further information on our team, please visit https://www.atriumresearch.ca/team.

General Information: Atrium Research Corporation (ARC) has created and distributed this report. This report is a general discussion of the merits and risks of a security or securities only, was prepared for general circulation, is not in any way meant to be tailored to the needs and circumstances of any recipient and does not provide investment recommendations specific to individual investors. As such, the securities discussed in this report may not be suitable for all investors and investors must make their own investment decisions based upon their specific investment objectives and financial situation, utilizing their own financial advisors as they deem necessary.

This report is based on information we considered reliable; we have not been provided with any material non-public information by the company (or companies) discussed in this report. We do not represent that this report is accurate or complete and it should not be relied upon as such; further any information in this report is subject to change without any formal or type of notice provided. Investors should consider this report as only one factor in their investment decisions; this report is not intended as a replacement for investor’s independent judgment.

ARC is not a CIRO registered dealer and does not offer investment-banking services to its clients. ARC (and its employees) do not own, trade or have a beneficial interest in the securities of the companies we provide research services for and does not serve as an officer or Director of the companies discussed in this report. ARC does not make a market in any securities. This report is not disseminated in connection with any distribution of securities and is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

ARC does not make any warranties, expressed or implied, as to the results to be obtained from using this information and makes no express of implied warranties for particular use. Anyone using this report assumes full responsibility for whatever results they obtain.

This report does not constitute a personal recommendation or take into account any financial or investment objectives, portfolio holdings, strategy, financial situations or needs of individuals. This report has not been prepared for any particular individual or institution. As such, any advice or recommendation in this report may not be suitable for a particular recipient. ARC assumes recipients of this report are capable of evaluating the information contained herein and of exercising independent judgment. A recipient of this report should not make any investment decision without first considering whether any advice or recommendation in this report is suitable for the recipient based on the recipient’s particular circumstances and, if appropriate or otherwise needed, seeking professional advice, including tax advice. ARC does not perform any suitability or other analysis to check whether an investment decision made by the recipient based on this report is consistent with a recipient’s investment objectives, portfolio holdings, strategy, financial situation, or needs. Past performance is not an indication or guarantee of future results, future returns are not guaranteed, and loss of original capital may occur. By providing this report, ARC does not accept any authority, discretion, or control over the management of the recipient’s assets. Any action taken by the recipient of this report, based on the information in the report, is at the recipient’s sole judgment and risk. The recipient must perform his or her own independent review of any prospective investment. Neither ARC nor any person employed by ARC accepts any liability whatsoever for any direct or indirect loss resulting from any use of its research or the information it contains.

This report contains "forward-looking" statements. Forward-looking statements regarding the Company and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Such statements involve a number of risks and uncertainties such as competition, market demand, and the company’s (and management’s) ability to correctly forecast financial estimates. As a result, the actual results, events, performance or achievements of the financial product may be materially different from those expressed or implied in such statements. Please see the Company’s MD&A “Risk Factors” Section for a more complete discussion of company specific risks for the company discussed in this report. Any opinion or estimate constitutes the preparer's best judgment as of the date of preparation, and is subject to change without notice. ARC assumes no obligation to maintain or update this report based on subsequent information and events.

ARC is receiving a cash compensation from Endurance Gold Corp. for 12-months of research coverage. This report was disseminated on behalf of Endurance Gold Corp. ARC retains full editorial control over its research content. ARC does not have investment banking relationships and does not expect to receive any investment banking driven income. ARC reports are primarily disseminated electronically and, in some cases, printed form. Electronic reports are simultaneously available to all recipients in any form. This report or any portion hereof may not be copied, reprinted, sold, or redistributed or disclosed by the recipient or any third party, by content scraping or extraction, automated processing, or any other form or means, without the prior written consent of ARC. Any unauthorized use is prohibited. Neither ARC nor any of its respective directors, officers or employees is responsible for guaranteeing the financial success of any investment, or accepts any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of this report or its contents.

To receive future reports on covered companies please visit https://www.atriumresearch.ca/research or subscribe on our website.

This report has been prepared independently of any issuer of securities mentioned herein and not as agent of any issuer of securities.

No ARC personnel have authority whatsoever to make any representations or warranty on behalf of the Company. Any comments or statements made herein are those of ARC.

The information contained herein is not, and under no circumstances is to be construed as, an offer to sell securities described herein, or solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators, if applicable, and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. The information contained herein is under no circumstances to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through a dealer registered in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed judgment upon this research report, the information contained herein or the merits of the securities described herein, and any representation to the contrary is an offence.

The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.

Endurance Gold Corp. (EDG:TSX.V; ENDGF:OTCQB; 3EG:FSE) released assay results for four more drill holes at its fully owned Reliance Gold Project in British Columbia, including three from the Crown Gap and one from the Imperial Zone, Atrium Research analysts Ben Pirie and Nicholas Cortellucci noted in updated research on October 6.

All holes intersected gold mineralization along the Royal Shear contact, with one also testing a newly identified mineralized ultramafic-chert contact in the footwall sequence, the analysts said.

The standout intercept was from DDH25-117, which yielded 5.13 grams per tonne gold (g/t Au) over 19.8 meters, including 7.70 g/t Au over 9.2 meters, within the Imperial Zone. With 12 out of 18 holes drilled in the Crown Gap showing significant gold-antimony mineralization, these results continue to confirm the continuity of the high-grade Royal Shear system.

EDG is advancing its resource modeling efforts alongside prospecting, geological mapping, and sampling across the property.

"We are maintaining our BUY rating and target price of CA$0.50 per share on EDG," Pirie and Cortellucci wrote in the update.

Highlights from the Release

The 2025 drilling program has now completed 20 holes, totaling 6,438 meters, including:

• DDH25-117: 5.13 g/t Au and 0.75% Sb over 19.8 meters, including 7.70 g/t Au and 1.07% antimony (Sb) over 9.2 meters (intersected Royal Shear at 164.8 meters in the Imperial Zone; drilled with HQ core for metallurgical testing).
• DDH25-119: 1.89 g/t Au over 0.6 meters at 71.9 meters; mineralized zone largely replaced by feldspar dyke.
• DDH25-120: 1.81 g/t Au over 7.0 meters from near-surface mineralization, 50 meters up-dip of DDH25-119, marking the first shallow intercept in the Crown Zone.
• DDH25-121: 10.15 g/t Au over 1.5 meters from the Royal Shear, and 5.40 g/t Au over 4.8 meters (including 12.0 g/t Au over 1 meter) from a mineralized ultramafic-chert contact, representing a 60-meter step-out from DDH25-115.

Assays are pending for five holes, with the current rig targeting a 70-meter step-out from the Lower Crown discovery hole DDH24-103 (7.61 g/t Au over 5.7 meters), the analysts wrote. This hole is also designed to test deeper into the footwall volcanic package, evaluating the extension of the ultramafic-chert contact previously intersected in DDH25-115 and DDH25-121.

With multiple zones now yielding consistent mineralization, the remainder of the program is expected to further outline the system’s depth potential and support ongoing resource modeling efforts.

Atrium's Take

The new results align well with the impressive drill intercepts reported since the drilling began, the analysts said. The highlight intercept in hole 117, 5.13 g/t Au over 19.8 meters underscores the high-grade potential at the Imperial Zone.

"The EDG team has refined their targeting strategy and is now consistently intersecting mineralization," Pirie and Cortellucci noted. "We are excited for the remaining results as we lead into the inaugural MRE (mineral resource estimate)."

Upcoming catalysts for Endurance include ongoing results from the 2025 exploration campaign and metallurgical test work and an inaugural MRE expected in Q4/25.