Endurance Gold Corp. (EDG:TSX.V; ENDGF:OTCQB; 3EG:FSE) completed last year's drill program at its Reliance project in British Columbia and is preparing a maiden mineral resource estimate, expected this quarter, Ron Wortel, senior mining analyst at Couloir Capital, reported in a Jan. 5 research note. Couloir updated its fair value target price on Endurance to CA$0.54 per share (CA$0.54/share).
"The 2025 drilling program at the Crown zone marks a key inflection point, demonstrating the potential for continuous mineralization along the 1.5-kilometer Royal Shear Trend," Wortel wrote. "The Crown zone continues to emerge as a key value driver within the broader Reliance project."
156% Upside Potential
Wortel pointed out that Endurance outperformed the market in 2025 and is up about 165% thanks to rising and record gold prices. At the time of his report, the stock was trading at about CA$0.35/share. From there, the return to Couloir's CA$0.54/share fair value target is 156%.
"We see revaluation associated with improved market multiples for resource values from our 1% level as the gold price continues to increase and market transactions are completed at higher values and with Endurance reporting its initial compliant resource estimate for the project," noted the analyst.
Endurance remains a Buy.
The junior explorer has 176.3 million shares outstanding. Its market cap is CA$60.8 million.
Robust Drill Results
Wortel reported that last year's 6,864-meter (6,864m) drill campaign at Reliance significantly bolstered confidence in the continuity, scale and grade distribution of mineralization, particularly throughout the Crown zone. There, Endurance bridged the previously underdrilled gap between the Eagle and Imperial zones along the Royal Shear Trend. Results from this program will be incorporated into the upcoming mineral resource estimate.
Drilling extended both the Lower and Upper Crown discoveries along the Royal Shear Trend and thereby validated the geological model, noted the analyst. At Lower Crown, highlight intercepts included 14.03 grams per ton gold (14.03 g/t Au) and 1.46% antimony (Sb) over 5.2m (DDH25-122A) and 6.1 g/t Au and 0.22% Sb over 10m (DDH25-125). These results indicate consistent mineralization within the Shear zone. The Lower Crown zone remains open for expansion along strike and to depth.
Upper Crown returned 10.08 g/t Au over 3.8m, including 17.38 g/t Au over 1.8m (DDH25-123) and 1.83 g/t Au over 7.3m (DDH25-124). The Upper Crown zone discovery remains open in all directions.
Scale and Consistency Noted
Including the completed 2025 drill program, Endurance has drilled a total of 127 diamond drill holes along the Royal Shear Trend, which delivered 134 high-grade gold intercepts, Wortel also reported. Throughout these, the weighted average grade was 4.74 g/t Au over an average 9.8m drill length, according to the company.
"We see a significant upside to the discovery of gold mineralization at Reliance through continued exploration and drilling," Wortel wrote.
On the Horizon
Endurance is expected to achieve important milestones in the coming months that could benefit its share price, noted Wortel. The key potential catalyst is the completion of the inaugural Reliance mineral resource estimate, due out in Q1/26.
Another is the verification of recently identified surface discoveries at the project. These could strengthen the district-scale gold and antimony exploration potential even more, the analyst wrote.
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Disclosures for Couloir Capital, Endurance Gold Corp., January 5, 2026
DISCLAIMER This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. Company-specific disclosures, if any, are below: 1 In the last 24 months, Couloir Capital Ltd. has been retained under a service agreement by the subject issuer. This service agreement includes analyst research coverage. 2 The views of the Analyst are personal. 3 No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports. 4 The Analyst does not maintain a financial interest in the securities or options of the Company. 5 Couloir Capital does not maintain a financial interest in the securities or options of the Company. 6 The information contained in the Report is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness.
Investment Ratings—Recommendations Each company within an analyst’s universe, or group of companies covered, is assigned: 1 A recommendation or rating, usually BUY, HOLD, or SELL; 2 A 12-month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; and 3 An overall risk rating which represents an analyst’s assessment of the company’s overall investment risk. These ratings are more fully explained below. Before acting on a recommendation, we caution you to confer with your investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk tolerance, and investment time horizon. Couloir Capital’s recommendation categories include the following: Buy The analyst believes that the security will outperform other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating. Hold The analyst believes that the security is expected to perform in line with other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) HOLD rating. Sell Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are expected to under-perform other companies on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) SELL rating. Tender The analyst is recommending that investors tender to a specific offering for the company’s stock. Research Comment An analyst comment about an issuer event that does not include a rating. Coverage Dropped Couloir Capital will no longer cover the issuer. Couloir Capital will provide notice to clients whenever coverage of an issuer is discontinued. Following termination of coverage, we recommend clients seek advice from their respective Investment Advisor.
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