Mr. Robert Cameron reports

ENDURO METALS PROVIDES UPDATE ON AMENDED NSR AGREEMENT ON ITS NEWMONT LAKE PROJECT, BRITISH COLUMBIA

Enduro Metals Corp. has entered into a second amending agreement dated June 18, 2026, with Oreterra Metals Corp. with respect to Oreterra's royalty interest in the company's Newmont Lake project.

The second amending agreement further modifies the terms of the net smelter return (NSR) royalty agreement dated Jan. 31, 2022, between the company and Oreterra, as previously amended on April 27, 2026. The second amending agreement revises the terms of the NSR agreement by establishing a deemed floor price of 13.5 cents for any share consideration that could potentially be payable to Oreterra pursuant to the NSR agreement.

The company is also pleased to announce that it has received the conditional acceptance of the TSX Venture Exchange for the NSR agreement, as amended by the second amending agreement, and has issued an aggregate of 3.9 million common shares of the company to Oreterra and made an initial cash payment of $175,000 in accordance with the terms of the amended NSR agreement. The consideration shares are subject to a statutory hold period of four months and a day from the date of issuance in accordance with applicable securities laws. In addition, the consideration shares are subject to a contractual hold period and will be released in equal 25-per-cent tranches every six months commencing Oct. 27, 2026.

Summary of amended NSR agreement

As previously disclosed on April 27, 2026, under the terms of the amended NSR agreement, Enduro Metals 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.

As amended, the NSR agreement 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:

• 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;
• 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;
• A $10-million cash advance royalty payment upon a decision to proceed toward mine permitting.

In consideration for agreeing to amend the NSR agreement, Enduro agreed to: (i) issue the consideration shares to Oreterra; and ii) make cash payments totalling $550,000 in various tranches over the next two years ($175,000 of which has been now been paid) and of which $250,000 may be satisfied through the issuance of common shares in the company.

Enduro's chief financial officer is also a director of Oreterra and, as a result, the transactions contemplated by the amended NSR agreement are considered non-arm's length in nature. Completion of the transaction remains subject to receipt of final approval from the exchange.

About the Newmont Lake project

The Newmont Lake project is one of the largest contiguous claim packages (688 square kilometres (km)) in the Golden Triangle and is strategically located near major porphyry copper-gold (Cu-Au) 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 (m) at 0.29 per cent Cu and 0.29 gram per tonne (g/t) Au in hole 21-001, see news release dated Oct. 18, 2021, for QA/QC (quality assurance/quality control) details); the newly outlined and undrilled Andrei porphyry copper-gold target, a greater than four km long chargeability and magnetic anomaly wherein 25 per cent of rock samples collected in 2025 exceeded 0.1 per cent Cu (see news release dated Jan. 28, 2026, for detailed QA/QC); and the McLymont gold target, a 20 square km area that includes the northwest zone, host to a historical gold resource and where Enduro Metals sampling in 2025 returned high-grade gold values from narrow submetre quartz pyrite veins within shear zones of up to 113 g/t Au with 142 g/t silver (Ag) (see news release dated Jan. 8, 2026, for detailed QA/QC). The company is planning a 2026 work program that will comprise an inaugural drill test of the Andrei discovery, an expanded induced polarization survey at Andrei and ground evaluation of several additional targets, including the Camp zone within the larger McLymont gold target.

Qualified person

Robert Cameron, PGeo, Enduro Metals' chief executive officer, is the company's qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the technical aspects of this news release. For additional details on data verification, sample, analytical and testing results, refer to the technical report, 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 news releases.

About Enduro Metals Corp.

Enduro Metals is an exploration company focused on its Newmont Lake project, a 688 square km 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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