Option Deals

The Reliance Option Deal - Under the terms of the agreement with the Optionor, the Company can earn a 100% interest in the Reliance Gold Property, for cash consideration in the aggregate amount of $300,000 ($100,000 paid to date), the completion of defined exploration expenditures in the aggregate amount of $3,000,000 (incurred) by December 31, 2024, and the issuance of up to 4,000,000 common shares in stages (1,500,000 common shares issued at a value of $364,500) by December 31, 2025. The Option is subject to a 2.5% Net Smelter Return (“NSR”) royalty, three-fifths of which (1.5% NSR) can be purchased by the Company at any time for $1,000,000. In addition, for this option the Company issued 200,000 common shares with a value of $19,000 to PI Financial Corp. for introducing the Optionors to the Company.

The Olympic Property Deal - Under the terms of the option agreement with Avino Silver & Gold Mines Ltd. (“Avino”), the Company can earn a 100% interest in the Olympic Property, for an aggregate cash consideration of $100,000 ($25,000 paid), the completion of defined exploration expenditures totaling $300,000 by December 31, 2024, and the issuance of 1,000,000 common shares (200,000 common shares issued at a value of $72,000) by December 31, 2024. The option is subject to a 2.0% NSR royalty, one-half of which (1.0% NSR) can be purchased by the Company for $750,000 and the remaining balance of the NSR royalty can be purchased for $1,000,000 at any time prior to the commencement of Commercial Production.

As part of the final requirement to earn its interest, the Company has agreed to grant Avino share purchase warrants (“Warrants”) by December 31, 2024 to purchase up to 750,000 Endurance shares for a period of three years from the date of issuance of the Warrants. The exercise price of the Warrants will be set at a 25% premium to the 20-day volume weighted average price (“VWAP”) of the Company’s shares at the issuance date. The issuance of the Warrants is subject to future Exchange acceptance. In addition, if the Company is successful in defining a National Instrument 43-101 compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Property by December 31, 2024, the Company will pay Avino a $1,000,000 discovery bonus.

The Sanchez Property Deal - Under the terms of the option agreement with a private vendor, the Company can earn a 100% interest in the Sanchez Property consisting of ten mineral claims encompassing 856 hectares, for an aggregate cash consideration of $10,000 ($10,000 paid) and the issuance of 300,000 common shares (40,000 common shares issued at a value of $16,000) by December 31, 2025. There is no work requirement or royalty payable.

A land ownership map of the Reliance project can be viewed here.