Mr. Robert Cameron reports

ENDURO METALS SECURES ROYALTY BUYBACK OPTION AND SIMPLIFIES ROYALTY STRUCTURE ON NEWMONT LAKE PROJECT, BRITISH COLUMBIA

Enduro Metals Corp. has entered into an amending agreement dated April 27, 2026, with Oreterra Metals Corp. with respect to Oreterra's royalty interest in the company's Newmont Lake project.

The agreement introduces a buyback provision that allows Enduro to reduce the existing 2-per-cent net smelter return (NSR) royalty by 50 per cent to 1 per cent at the company's discretion at any time prior to the commencement of extraction, when product is produced from the property. In addition, the agreement simplifies future payment obligations by replacing variable, share-based resource-linked payments with a clear and structured cash-based schedule aligned with project advancement.

Highlights:

• Royalty buyback option: Enduro may reduce the Oreterra royalty from a 2-per-cent NSR royalty to a 1-per-cent NSR royalty through a one-time payment of $8-million prior to the commencement of extraction, when product is produced from the property;
• Simplified payment structure: replaces complex share-based resource linked payments with a transparent, staged cash schedule aligned with the project advancement;
• Portions of milestone payments are treated as advanced royalty payments, supporting long-term project economics.

With this agreement, Enduro has strengthened its ability to manage the long-term royalty burden across the Newmont Lake project. The royalty buydown, if enacted, would result in the remaining net royalty burden on the Andrei, Burgundy and Twin target areas reducing to a 1-per-cent NSR royalty and, in conjunction with other buydown provisions, locally up to 2 per cent on portions of the NW and Camp zones.

Robert Cameron, chief executive officer of Enduro commented: "This agreement is a critical step in positioning the Newmont Lake project for long-term success, which we are delighted to have secured in advance of drilling the Andrei copper-gold porphyry target. Importantly, we have addressed legacy royalty provisions early in the project's life cycle, before significant value is defined through drilling.

The previous structure was established in the context of the NW zone gold resource and did not contemplate the broader district-scale porphyry potential we see today. As we advance high-impact targets such as Andrei, it is essential that the project remains competitive from a strategic and transactional perspective.

"By securing a clear pathway to reduce the royalty burden and simplifying the overall structure, we have enhanced our ability to advance the project, attract potential partners and ultimately maximize shareholder value in the event of a major discovery."

Summary of Oreterra royalty amending agreement

Under the terms of the agreement, Enduro has secured the right to repurchase 50 per cent of the 2-per-cent NSR royalty held by Oreterra for a one-time payment of $8-million at any time prior to the commencement of extraction, when product is produced from the property.

The agreement also replaces share-based resource-linked obligations (formerly two million shares on publication of a National Instrument 43-101-compliant resource estimate that exceeds one million ounces of gold equivalent resources, with an additional one million shares for each additional one million ounces of gold equivalent resources) with a simplified and more predictable structure aligned with key project milestones.

Milestone payments under the amended agreement include:

1. A $500,000 cash payment upon delivery of a maiden NI 43-101-compliant resource estimate, of which up to $300,000 may be satisfied through the issuance of common shares in the company;
2. A $1.75-million cash payment and a $1.75-million advance royalty payment (credited against future royalties) upon completion of the first feasibility study in respect of the property;
3. A $10-million cash advance royalty payment upon a decision to proceed toward mine permitting.

In consideration for entering into the agreement and subject to the receipt of all applicable approvals, including the approval of the TSX Venture Exchange, Enduro will issue to Oreterra: (i) 3.9 million common shares that will be subject to a hold period where 25 per cent of the shares will be released in equal 25-per-cent tranches every six months following the date the agreement; and (ii) make cash payments totalling $550,000 in various tranches over the next two years and of which $250,000 may be satisfied through the issuance of common shares in the company.

The transaction remains subject to TSX-V approval.

About the Newmont Lake project

The Newmont Lake project is one of the largest contiguous claim packages (688 square kilometres) in the Golden Triangle and is strategically located near major porphyry copper-gold development projects, including Galore Creek (Newmont/Teck Resources) and KSM (Seabridge Gold), as well as past-producing high-grade gold mines at Snip and Eskay Creek (currently being put back into production by Skeena Gold & Silver). The project encompasses five large target areas that include the partially drill-tested Burgundy Ridge alkalic-style porphyry copper-gold deposit (331 metres at 0.29 per cent copper and 0.29 gram per tonne gold in hole 21-001; see news release dated Oct. 18, 2021, for quality assurance/quality control details); the newly outlined and undrilled Andrei porphyry copper-gold target, a greater than four-kilometre-long chargeability and magnetic anomaly wherein 25 per cent of rock samples collected in 2025 exceeded 0.1 per cent copper (see news release dated Jan. 28, 2026, for detailed QA/QC); and the McLymont gold target, a 20-square-kilometre area that includes the NW zone, host to a historical gold resource and where Enduro sampling in 2025 returned high-grade gold values from narrow submetre quartz pyrite veins within shear zones of up to 113 grams per tonne gold with 142 grams per tonne silver (see news release dated Jan. 8, 2026, for detailed QA/QC).

Qualified person

Robert Cameron, PGeo, Enduro's chief executive officer, is the company's qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the technical aspects of this release. For additional details on data verification, sample, analytical and testing results, refer to the technical reports titled "Technical Report on the Newmont Lake Property" written by Maurizio Napoli, PGeo, and Ali Wasiliew, PGeo, dated March 1, 2025, as posted on SEDAR+ and the company's website and the noted press releases.

About Enduro Metals Corp.

Enduro Metals is an exploration company focused on its Newmont Lake project, a 688-square-kilometre property located within the heart of British Columbia's Golden Triangle. Building on prior results, Enduro Metals' geological team has outlined multiple deposit environments of interest across the Newmont Lake project, including high-grade epithermal/skarn gold along the McLymont fault and copper-gold alkalic porphyry systems at Burgundy and Andrei. The company maintains a broader portfolio of mineral projects across Canada, including the advanced Burn porphyry copper and gold project in Northern British Columbia.

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