Endurance Gold : Annual MD & A for the year ended December 31, 2023

ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the year ended December 31, 2023

This Management's Discussion and Analysis ("MD&A") has been prepared as of April 29, 2024 (the "Report Date") and contains information up to and including the Report Date. This MD&A reviews the operating results and financial position of Endurance Gold Corporation and its U.S. subsidiary ("Endurance", or the "Company") for fiscal year 2023 as compared with fiscal year 2022. It should be read in conjunction with the audited consolidated financial statements ("Consolidated FS") of Endurance for the year ended December 31, 2023, together with the related notes thereto. The accompanying Consolidated FS are prepared in accordance with International Financial Reporting Standards ("IFRS"). All monetary amounts are in Canadian dollars. Additional information relating to the Company is available for viewing on the Company's website at www.endurancegold.comor on SEDAR+ at www.sedarplus.ca.

Overview

Endurance is a company focused on the exploration and development of mineral properties in North America. The Company's common shares have been listed and traded on the TSX Venture Exchange (the "Exchange") under the symbol "EDG" since August 4, 2005. The Company's common shares also trade on the OTC Pink Open Market under the symbol "ENDGF" and on the Berlin Open Market under the symbol "3EG".

The Company's properties are in the exploration stage and the Company has not yet determined whether these properties contain ore reserves that are economically recoverable. The recoverability of amounts shown for exploration and evaluation assets and related deferred exploration expenditures are dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the exploration and development of the exploration and evaluation assets and upon future profitable production or proceeds from the disposition thereof.

The Company formed a 100% owned U.S. subsidiary, Endurance Resources Inc. ("ERI"), on October 28, 2008 to acquire and evaluate several exploration project opportunities in the United States.

Exploration Activities

The Company incurred about $2,988,000 in acquisition and exploration expenditures in the current year, which amount was partially offset by B.C. Mining Exploration Tax Credit ("BCMETC") of about $652,000. The exploration expenditures incurred during the current year were primarily incurred in relation to the Company's Reliance Gold Project in B.C. Canada.

Some minor effort has been directed at the evaluation of new acquisition opportunities for the Company with such an effort focused entirely in North America.

Dollar amounts stated in this document are expressed in Canadian currency unless otherwise indicated.

Reliance Gold Project, British Columbia, Canada (Options to earn 100% interest)

The Reliance Gold Project (the "Project") includes the Reliance Gold Property, the Olympic Property and the Sanchez Property. The Project is located 4 kilometres ("km") east of Gold Bridge and 10 km north of the Bralorne-Pioneer Gold Mining Camp which has historically produced over 4 million ounces of gold. The Project consists of twenty-six (26) mineral claims and eight crown grants (about 5,444 hectares) situated primarily on the south shore of the Carpenter Lake B.C. Hydro Reservoir. The Project is subject to three option agreements: the initial option agreement on the Reliance Gold Property entered into in September 2019; the second option agreement on the Olympic Property initiated in April 2022 and finalized on October 13, 2022; and the third letter option agreement finalized on October 20, 2022. The Olympic Property includes the Minto gold mine which produced about 17,500 ounces of gold prior to 1945 from narrow quartz-stibnite veins.

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the year ended December 31, 2023

The Reliance Gold Property hosts an "Epizonal" Orogenic gold system that extends over at least 1,500 metres ("m") of strike and 600 m vertically. The results from the exploration programs completed to date indicate mineralized potential for about 2 km of trend associated with a major relatively unexplored shear zone that is subparallel to the structural complex that hosts the former producing Bralorne-Pioneer mine. Gold (Antimony) mineralization is associated with laterally continuous zones of breccias, silicification, sulphidation of altered host rock, quartz-stibnite veining, quartz-sulphide breccia veining and vein stockwork associated with wide envelopes of ankerite-sericite alteration.

During 2020 through 2023, the Company has conducted a systematic exploration program that included airborne and ground magnetic surveys, an airborne LiDAR survey, a ground 3DIP survey, geological mapping, alteration mapping, talus fine/soil sampling, biogeochemical sampling, rock sampling, systematic channel sampling, three reverse-circulation ("RC") drill programs with a total of 84 RC drill holes, diamond drilling programs that completed 17,904 m in eighty-two (82) diamond drill holes between 2021 and 2023. The 2023 diamond drill program was initiated in May 2023 and has completed 22 holes through to November 2023.

RC Drilling - Highlight results from the three RC drill campaigns include 14.08 grams per tonne ("gpt") gold over 15.4 m,

10.5 gpt gold over 6.1 m, 9.7 gpt gold over 12.2 m, 8.57 gpt gold over 10.66 m, 6.11 gpt gold over 18.29 m, 6.64 gpt gold over 30.48 m, and 3.89 gpt gold over 30.48 m at the Eagle Zone, 16.49 gpt gold over 4.6 m at the Diplomat Zone, and 7.23 gpt gold over 4.6 m at the Imperial Zone. A complete tabulation of the assay results from the three RC drilling programs is available on the Company's website.

Diamond Drilling - Results from 2021 and 2022 diamond drilling have returned excellent results at the Eagle Zone such as

15.7 gpt gold over 24.8 m, including 26.96 gpt gold over 4.1 m, 8.62 gpt gold over 24.4 m including 17.02 gpt gold over 4.3 m, 8.41 gpt gold over 12.0 m, 8.06 gpt gold over 13.5 m, 7.65 gpt gold over 12.7 m, 7.58 gpt gold over 11.9 m, 7.55 gpt gold over 8.9 m, 4.16 gpt gold over 30.0 m, 2.59 gpt gold over 31.6 m, and 4.95 gpt gold over 12.1 m including 12.55 gpt gold over 4.3 m.

The 2023 drilling tested both the Imperial Zone and the Eagle Zone with deeper drilling. 2023 Imperial Zone highlights include 8.98 gpt gold over 9.3 m, including 12.44 gpt gold over 6.0 m, and 17.28 gpt gold over 4.2 m successfully expanding the Imperial Zone at significant depth. 2023 Eagle Zone highlights to date include 15.68 gpt gold over 2.8 m, and 3.0 gpt gold over 11.2 m. Drilling was suspended between August and September 2023 due an Evacuation Order related to a forest fire in the Gold Bridge area.

A complete tabulation of the 2021 through 2023 diamond drilling results is available on the Company website.

Drilling Success Statistics - Diamond drilling has defined the Eagle zone over 550 m of strike with drilling results to date very encouraging with sixty percent of the 82 diamond drill holes at both Imperial and Eagle returning significant gold intersections (meaning greater than 10 grams x metres gold) and fifteen (15) drill holes with outstanding gold intersections between 72 and 426 grams x metres.

Channel Sampling - Between 2020 and 2022 systematic channel sampling was completed along the altered outcrop exposures in road cuts and active drill trials. Excellent channel sample results were identified in the first field season at the Eagle Zone including historic road cuts with 5.80 gpt gold over 31.5 m including 9.69 gpt gold over 9.1 m, 4.88 gpt gold over 23.5 m including 8.61 gpt gold over 9.1 m, 3.83 gpt gold over 17.1 m including 7.19 gpt gold over 3.7 m and 6.92 gpt gold over 13.4 m including 8.9 gpt gold over 9.6 m. In subsequent years additional newly exposed road cuts were channel sampled with six (6) new exposures of the Eagle and Eagle South identified including highlights of: 7.68 gpt gold over 12.0 m including 9.89 gpt gold over 8.0 m and 6.35 gpt gold over 8.0 m. In addition, 2021 channel sampling was completed on historic road cuts along the Treasure Structural trend with channel sample results including 4.43 gpt gold over 8.5 m at the Bona Zone and 9.19 gpt gold over 4.7 m at the Grey Rock Prospect.

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the year ended December 31, 2023

Other exploration activities have included:

Airborne Geophysics - The 2020 and 2023 airborne magnetics surveys identified a magnetic anomaly associated with the mafic volcanics which host the best gold occurrences on the Royal Shear which has a minimum contiguous strike length of about 2.5 km on the Property as interpreted from these surveys. This airborne magnetics survey data combined with observations from the initial field work has also identified at least five (5) other subparallel lineaments on the Reliance Project options.

Soil and Vegetation Sampling - The Talus fines/C-horizon soil survey demonstrates a robust and continuous northwest- southeast trending gold, silver, arsenic ("As") and antimony ("Sb") anomaly that exceeds 100 parts per billion ("ppb") gold along a strike length of at least 1,500 m and width of between 100 and 300 m associated with the Royal Shear. The multi- element soil geochemical anomaly remains open to expansion along strike in both directions. Of the 330 samples collected and analyzed in 2020 and 2021, 87 samples exceeded 100 ppb gold (26.4% of total) and 16 samples exceeded 1,000 ppb gold (4.8% of total). The over-limit soil samples were re-analyzed and returned peak values of 27 parts per million ("ppm"), 11 ppm, 8.42 ppm, 5.55 ppm, 3.77 ppm and 3.66 ppm gold. There is a strong positive geochemical correlation in the soil samples between gold and associated elements silver, arsenic and antimony. A 2020 orientation and test biogeochemical sampling program of Douglas Fir tree branch cuttings identified an anomaly coincident with the greater than 100 ppb gold- in-soil anomaly. Given these results, the Company completed an extensive 240-hectare biogeochemical sampling program on the Reliance option property consisting of 1,207 samples which successfully extended the biogeochemical anomaly associated with the Royal Shear Zone to 2 km of strike.

Olympic Claims Option Surficial Sampling - Additional soil and biogeochemical surveys were completed during 2022 and 2023 on the Olympic Property option. The initial 2022 survey consisted of 432 talus fines soil samples and 317 Douglas Fir tree clippings, As follow-up in 2023, the Company collected an additional 893 grid and contour soil samples. The 2023 survey expanded the original surficial geochemical anomaly to 1.8 km strike length and identified two additional surficial geochemical anomalies with strike lengths of 650 m and 500 m. These three geochemical anomalies are larger in collective surface area than the geochemical anomaly associated with the Royal Shear discoveries west of the Olympic Claims. Related prospecting and sampling on the Olympic Property during 2022 and 2023 also identified encouraging gold values associated with these large geochemical soil anomalies. Grab samples from the Enigma and Kelvin (Olympic) Showings returned values up to 25.1 gpt gold and 11.9 % antimony as summarized below:

Grab Sample ID	Gold (ppm)	Silver (ppm)	Antimony (%)
C964411	4.10	1.2	6.78
C964412	2.04	0.6	6.80
C964413	0.70	0.4	0.06
C964416	9.66	2.1	11.90
H614453	7.59	1.5	0.02
H614461	1.36	0.9	0.24
H614462	22.30	47.5	0.03
H614463	13.70	54.4	0.02
H614465	5.55	19.7	0.01
H614466	25.10	93.9	0.02

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the year ended December 31, 2023

Geological Mapping - The Company completed an initial geological structural mapping program in 2020 over a 1.0 km trend of the Royal Shear in the area of the known gold prospects. The Royal Shear is a multi-strand brittle ductile northwest trending shear zone complex which includes steeply southwest dipping reverse fault (Royal Shear Fault) that separates a dominantly mafic volcanic footwall sequence on the northeast from a dominantly ribbon chert argillite hanging wall sequence on the southeast. The most significant gold occurrences identified to date are located in the mafic volcanic that are sheared and iron-carbonate altered resulting in wide zones of modest to intense alteration with the most intense alteration associated with silicification spatially associated with altered feldspar porphyry. A complete geological map was completed in 2020 which encompassed the balance of the Royal Shear and three of the Company's twenty-three claims.

LiDAR and Orthophotography - A LiDAR and orthophotography survey completed in 2021 is providing very useful three- dimensional topographic controls for integration of geophysical, RC drilling and diamond drilling data and also proved useful at identifying areas of historic prospecting activity of the property. Additional LiDAR surveys are under consideration on the expanded option area.

3DIP Geophysics and Ground Magnetics - A 3DIP geophysical survey was completed in 2021. The survey encompassed about

2 km of the Royal-Treasure shear structural trend. Results have provided useful three-dimensional targeting information along the geophysical trends associated with the known gold mineralized areas. Geological observations have identified a magnetite-destructive alteration of the mineralized host volcanic rocks. As a result, in 2021 a ground magnetics survey was completed along existing trails on the property within a portion of the mineralized corridor identified at the time. These results have confirmed a lower magnetic response associated with the known mineralized areas and identified additional lower-mag trends that will need to be further evaluated.

Community Consultation & Permits - The Company is committed to a mutually beneficial relationship with local First Nations. Dialogue has been active since 2020. First Nation contractors were engaged to assist in several aspects of the exploration activities to date. As a result, 1,138 man-days of training and employment has been provided to community members from Tsal'alh, the closest First Nation community, complimented by employment of cultural monitors when required from the Bridge River First Nation (Xwísten). In addition, additional supply and service activities have been provided by contractors and members of Xwísten. These consultation efforts culminated in the execution of an exploration agreement in 2022 between the Company and Xwísten that expresses the intent for a mutually beneficial arrangement in respect of current and proposed exploration activities within the Xwísten traditional territory and provides for protection of traditional activities and sensitive sites, including archaeological surveys, environmental protection measures, and the opportunity for the Xwísten community to participate in any business and employment opportunities that the Reliance project may generate. As compensation for impacts on Xwísten's traditional territory the Company, among other things, issued Xwísten 130,000 common shares of the Company in late 2022.

As part of the consultation efforts, a preliminary archaeological study was completed in 2020 on the Reliance Gold Property. The field-oriented study did not identify any archaeological artifacts, or areas of concern. With the increase in the size of the Project and the Company's expanding exploration activities, additional consultation efforts were completed in 2022 and further preliminary archaeological assessments were completed in 2023 on new and proposed disturbed areas. The Company's Notice of Work drill permit application was submitted to the BC government early in 2020 and a five-year permit was granted in October ("MYAB Permit"). During 2021, 2022, and early 2023 the Company requested amendments to the original approved activity to facilitate additional drill road and drill pad disturbance. The requested 2021 and 2022 amendments were approved within the scope of the previously approved MYAB Permit. For the anticipated 2023 drilling activity an additional Notice of Work permit application was submitted in February 2023 and the amended MYAB Permit was approved in April, 2023. Subsequent to the 2020 approval of the MYAB Permit additional bonds were provided in 2021 and early 2023.

In addition to the First Nation communities, the Company has contracted several residents of the Gold Bridge area to provide services since 2020. To reach out to these other local communities, the Company joined in signing a Memorandum of

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the year ended December 31, 2023

Understanding (MOU) in 2021 to work together in the spirit of collaboration and partnership with the Bridge River Valley Community Association (BRVCA), Tsal'alh Development Corporation, Bralorne Gold Mines, Cobalt One Energy Corp, and the Squamish-Lillooet Regional District.

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 a cash consideration in the aggregate amount of $300,000 ($140,000 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 (2,000,000 issued at a value of $464,500) 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, 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 ($55,000 paid), the completion of defined exploration expenditures totaling $300,000 by December 31, 2024 (incurred), and the issuance of 1,500,000 common shares (600,000 issued at a value of $152,000) 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 at any time prior to the commencement of Commercial Production. The balance of the royalty can be purchased by the Company 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. Any shares or Warrants issued will be subject to a four-month hold period from the date of issuance as per the policies of the Exchange.

The Sanchez Option Deal - The Company entered into a letter option agreement with a private vendor whereby the Company acquired an option to earn a 100% interest in the ten (10) Sanchez claims, which adjoin the eastern boundary of the Reliance Project area. Under the terms of the agreement, the Company can earn a 100% interest in the Sanchez claims for an aggregate consideration of $10,000 in cash payment (paid) by January 31, 2023, and the issuance of 300,000 common shares (100,000 issued at a value of $28,000) on or before December 31, 2025. There is no royalty obligation.

Elephant Mountain Project, Alaska, USA (Option to earn 100% interest)

The Elephant Mountain Project (the "Project") includes the Elephant Property and the Trout-Wolverine Property. The Project is located in an area of historic and active placer gold mining activity within both the Rampart and Manley Hot Springs Recording districts near Eureka, Alaska. The southern Elephant Property can be accessed by the all-weather Elliott Highway, placer mine access roads, historic gold-rush trails, and ATV trails from Eureka, a placer mining community, located about 76 miles (123 km) northwest of Fairbanks. The northern Trout-Wolverine Property can be accessed by historic gold-rush trails and placer mine access trails from Quail Creek. The Project area is, in part, drained by Eureka, Pioneer and Quail Creeks. Alluvial gold was first discovered in Eureka Creek in 1898 and Eureka, Pioneer and Quail Creeks which drain the Project area are three of the most significant alluvial gold bearing creeks in this historic gold district.

Within these two properties, which collectively encompass 8,000 acres, six (6) km-scale gold targets have been recognized associated with a Cretaceous-aged intrusive complex and related alteration system that extends for at least twelve (12) km from the southwest to the northeast. Two of the gold targets were drill-tested by the Company resulting in highlights of

4.09 gpt gold over 4.6 m in the South Zone and 0.40 gpt gold over 147.1 m in the North Zone, with these intersections in

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the year ended December 31, 2023

drill holes separated by 1.4 km. Three other targets about 10 km to the northeast have each returned grab samples exceeding 10 gpt gold and up to 23.1 gpt gold with two targets also associated with wide low-grade gold in trenches. The Company completed a 43 line-kmpole-dipole Induced Polarization ("IP") and magnetics survey on the Elephant Property which resulted in the identification of four IP chargeability anomalies. Two of the IP chargeability anomalies are closely related to the significant drill intersections and soil anomalies at the South Zone and North Zone, and two others with soil anomalies and a major fault.

In 2020, the Company exercised its option and acquired a 100% interest in the Elephant Property (4,000 acres) by completing a total of US$200,000 in exploration expenditures, delivering 400,000 Endurance common shares (issued at a value of $24,125) and making cash payments totaling US$200,000. The option is subject to a 2% net smelter royalty ("Elephant NSR") and the Company can purchase half of the Elephant NSR at any time for US$750,000.

The Company expanded the Project with a separate option agreement to earn a 100% ownership in the Trout-Wolverine Property located northeast of the Elephant Property. The Trout-Wolverine Property forms a single contiguous claim group at the north end of the prospective district. Under the terms of the 2018 Option Agreement, Endurance can earn a 100% interest in the Trout-Wolverine Property by completing a total of US$200,000 (incurred) in exploration expenditures, delivering 300,000 Endurance common shares by December 31, 2022 (issued at a value of $83,375), and making US$180,000 ($120,000 paid to date) in cash payments by December 31, 2024. The option is subject to a 2% NSR ("Trout-WolverineNSR") and the Company can purchase one-half of the Trout-Wolverine NSR at any time for US$500,000.

The Project area is interpreted to be part of the family of reduced intrusion-relatedgold system (RIRG) similar to Kinross Gold Corp.'s Fort Knox Mine, Freegold Ventures Limited's Golden Summit, as well as the Ryan Lode and True North deposits located in the Fairbanks Gold Mining district of Alaska. Other RIRG type deposits and discoveries include the Brewery Creek, Dublin Gulch (Eagle) and Snowline Gold's Rogue discovery in the Yukon. All of these RIRG deposits either host or potentially host large gold endowments and are interpreted to be related to late Cretaceous-aged intrusive events within the Tombstone Gold Belt or Tintina Gold Province of Alaska and the Yukon, and are often associated with historic placer gold mining activity. The intrusive complex related to the six (6) known km-scale exploration targets at the Elephant Project is a multi-phaseCretaceous-aged granodiorite, diorite, syenomonzonite and granite plutons that intrude quartzite, siltstone and shale with significant alteration haloes of hornfels. Within the Project district, the intrusive rocks are defined by both resistivity anomalies and magnetic lows surrounded by high magnetic and high chargeability responses related to the hornfels alteration which is typical of RIRG-type targets elsewhere in Alaska and the Yukon.

Prior to the Company acquiring the Elephant Property, a large intrusive-hostedgold-arsenic soil geochemical anomaly was identified that extends for at least 6,000 feet (1,830 m) and up to 1,500 feet (457 m) wide, with peak values up to 1,540 ppb gold.

On the Elephant Property, the Company initially focused its exploration attention on the South Zone Target, with the objective of discovering higher grade structures. This target consists of a gold-arsenic-antimony soil anomaly encompassing a 1,000 m by 250 m area with gold values exceeding 100 ppb gold. The highest gold values in rock samples from the Elephant Property come from this target. Prospecting and sampling by the Company has resulted in gold values in grab samples of quartz vein material from the intrusive including 12.98 gpt, 5.21 gpt, 4.44 gpt, 3.02 gpt, 2.59 gpt and 2.18 gpt gold. In 1991, a stibnite (antimony sulphide) bearing grab sample was reported in the area that assayed 12 ounces per ton gold (411.4 gpt gold). This area was drilled in 1992 with two (2) holes without explaining the soil anomaly or high gold-in-rock samples.

After completing a power assisted auger soil sampling program, the Company completed four diamond drill holes from three setups on the South Zone Target. Encouraging results were received from the first two drill holes. Weighted average gold results for the mineralized zone in two closely spaced holes are 4.09 gpt gold over 4.6 m and 3.87 gpt gold over 4.6 m. True width is currently unknown.

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the year ended December 31, 2023

Summary of South Zone Target Intersections - Hole EL16-14A & EL16-14B(Azimuth 235 degrees, Dip -45degrees)

Hole	From	To	Interval	Gold	Silver
	(m)	(m)	(m)	(gpt)	(gpt)
EL16 14A	18.3	22.9	4.6	4.09	2.8
Includes	18.3	19.3	1.0	3.82	2.2
Includes	20.7	21.3	0.67	20.39	12.1
EL16 14B	15.2	19.8	4.6	3.87	2.5
Includes	15.2	16.1	0.91	3.75	2.8
Includes	17.8	18.3	0.52	24.90	11.5

The gold mineralization in closely spaced holes EL16-14 A&B is related to a zone of inter-layered diorite and syenomonzonite associated with pervasive pyrite-arsenopyrite, calcite and silica replacement of the diorite layer with a massive stibnite bearing fault fill that appears to parallel to sub-parallel a contact between a diorite layer and the syenomonzonite with the associated high grade intercepts of 20.39 gpt and 24.9 gpt gold correlated at this location in both drill holes. The structure that hosts the massive stibnite is currently interpreted to be a steeply dipping structural zone striking northwest parallel to the northeastern margin of the South Zone soil anomaly.

At the South Zone, the IP survey, completed after the drilling in this area, defined a slightly lower resistivity anomaly associated with the encouraging sulphide intersections in drill holes EL 16-14 A&B. Adjacent and on the east side of this resistivity feature and these discovery drill holes is a near surface chargeability feature with a strike length of between 100 and 200 m. This South Zone chargeability feature remains untested by drilling and is currently interpreted to represent a preserved sulphide rich zone in the intrusive in this area, not yet evaluated by drilling. In 2020 the Company completed additional soil sampling and extended the +100 ppb soil anomaly at South Zone Target a further 400 m to over 1.4 km of strike extending to the southeast external to the intrusive contact.

The remaining two drill holes (EL 16-15, EL 16-16) that tested the South Zone anomaly transected primarily well oxidized variably sheared and faulted diorite, granodiorite and/or syenomonzonite with inliers of altered clastic sediments. The best assay results from EL 16-15 include an intersection of 0.52 gpt gold over 3.04 m which includes 1.13 gpt gold over 1.06 m and the two best intersections from EL 16-16 include 0.50 gpt gold over 2.44 m and 0.48 gpt gold over 2.44 m. These drill results have not yet adequately explained the South zone soil anomaly, which may be in part because of poor core recovery in the oxidized shear zones.

On the North Zone Target, 1.4 km north of the South Zone, pervasive disseminated pyrite-arsenopyrite with intense sericite alteration of granodiorite is exposed over about one (1) square km area associated with a similar sized gold-arsenic soil anomaly. Eight holes were drilled in this area in 1992, with the best of the holes containing an average grade of 0.015 ounce per ton gold (0.514 gpt gold) over an interval of 326 feet (99.4 m) and bottomed in mineralization. In 2016, the Company completed one diamond drill hole EL 16-13 (Dip -45 degrees) which tested the higher grade core of the best 1992 drill hole. EL 16-13 was drilled to a total depth of 180.75 m and encountered silicified and phyllic (sericite) altered granodiorite throughout the entire core length. About 150 m of this length, starting at surface, encountered up to 1.5% pervasive disseminated pyrite and arsenopyrite with arsenopyrite and pyrite bearing quartz veinlets. The entire length of the drill hole is in-part oxidized with the oxidation related to fractures and oxidized quartz-sulphide veinlets. Assay results are 0.40 gpt gold over 147.1 m including 0.63 gpt gold over 48.2 m. True width is currently unknown.

Directly associated with the combined surface alteration, soil anomaly and wide low-grade gold bearing drill intersections, the IP survey, completed after the drilling, has defined a two-lobedwell-defined low magnetic chargeability feature estimated at 1,200 x 600 m in size associated with the pervasively sericite altered granodiorite and 1 to 3% disseminated sulphides, quartz veinlets and sulphide-quartz veinlets with associated gold. This IP chargeability feature has two separate target lobes defined by east-west oriented areas of higher chargeability, referred to as the North Zone Target and the Pump Zone Target. A portion of the North Zone Target was tested by the Company's drill hole and was partially tested with drill

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the year ended December 31, 2023

holes in 1992. A large portion of the chargeability feature associated with the North Zone Target remains untested by drilling. The Pump Zone Target located in a covered area and located immediately to the north of the Elephant Mountain Fault, remains entirely untested by either trenching or drilling.

The Central Zone Target, an area of late eluvial cover and no outcrop, is located between the North and the South Zones and is interpreted to be an area of altered and deeply oxidized intrusive associated with a regional scale east-west structure ("Elephant Mountain Fault") that transects the intrusive and is evidenced by a prominent lower resistivity feature. Within this target area elevated chargeability was noted in the 2017 IP survey on the largest separation readings primarily on the north side and within the Elephant Mountain fault between the South Zone and combined North Zone - Pump Targets. This Central Zone target area also has anomalous gold-in-soil. This target expresses itself at depth (i.e. largest separation readings) because it is interpreted to lie beneath an area of deeper oxidation associated with the Elephant Mountain Fault. This geophysical target has not yet been tested with diamond drilling.

The Trout-WolverineProperty is located about nine (9) km northeast of the Elephant Property. This property hosts three significant gold targets, two of which warrant drilling. The Trout Peak Target consists of a soil anomaly, with gold values in excess of 100 ppb gold that outline a 1,000 m by 300 m mineralized trend which mapping has now confirmed is associated with a 100 m wide NE-SW striking shear zone ("Trout Shear"). The Trout Shear transects a 1.6 km by 1.2 km multi-phase syenite complex ("TPIC"). The best assay results reported include a grab sample collected in 2018 which assayed 23 gpt gold in silicified syenite within the Trout Shear and TPIC and within the higher gold-in-soil contour. At the Trout Peak Target, more detailed soil sampling has defined a 100 m wide (+50 ppb) gold-in-soil anomaly with a strike length of at least 350 m. Within this soil anomaly is a 50 m wide (+100 ppb) gold-in-soil anomaly of at least 200 m. Peak values within the +100 ppb gold contour include 2,330 ppb and 2,100 ppb gold, and up to 4.14 ppm silver. The gold-in-soil results are also associated with elevated arsenic-in-soil. Due to oxidation and recessive weathering, there is no outcrop over a 100 m portion of the Trout Shear in the area of the highest soil values. Within this area three trenches were hand excavated with the best value in trenching returning 0.51 gpt gold over 12.19 m. The gold zones associated with silicified, sheared and quartz veined TPIC in all three trenches was unable to determine the full width of the gold mineralization. The larger 1,000 m long Trout Target soil anomaly (+100 ppb gold) also remains open for expansion in size along strike associated with a portable XRF supported arsenic-in-soil anomaly that exceeds 1,200 by 300 m in size.

The South Fork Target is located about two km north of the Trout Peak Target and is hosted within hornfels altered sediments. 2018 mapping has confirmed that the NE-SW trending Trout Shear can be traced from the Trout Peak Target and transects the area of the South Fork Target. Rock sampling has returned values including 10.35 ppm, 6.73 ppm, 6.60 ppm,

5.15 ppm, 4.10 ppm and 3.53 ppm gold, confirming gold potential associated with one or more structural linear features. The four highest gold-in-rock samples also returned 0.48%, 1.280%, 1.94% and 1.205% lead respectively. Mineralization is related to oxidized sulphides associated with quartz veining, vein stockwork, and quartz healed breccia hosted in hornfels altered clastic sediments. Hand excavated trenching has exposed the quartz-breccia over about 9 m in estimated true width associated with quartz breccia and quartz vein stockwork with slickensides and oxidized sulphides. Chip sampling averaged 0.547 ppm gold over 9.14 m including 0.846 ppm gold over 4.57 m. The quartz-breccia mineralization has now been confirmed in grab samples outside of the South Fork trench area (up to 6.73 ppm gold) suggesting that there are other gold- bearing structures at South Fork that have not yet been identified.

The third highly prospective target on the Trout-Wolverine Property includes visible gold bearing quartz veinlets hosted within the north margins of the Wolverine intrusive with assays from grab samples up to 11.65 ppm gold. Additional systematic field work is required on this target prior to advancing to drill stage.

In addition to further mapping, trenching, geophysics, soil and rock sampling, the Project warrants drilling on six targets over a 12 km distance as summarized: 1) complete step-out drilling to build tonnage at the higher grade gold bearing structure intersected in DDH EL16-14 and also explain the strong near-surface IP chargeability anomaly adjoining this discovery at the South Zone Target; 2) reverse circulation or diamond drill test the North Zone Target to discover higher

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the year ended December 31, 2023

grade structures that are evidenced by a more intense east-west IP chargeability trend within the large low-grade gold zone;

1. reverse circulation or diamond drill test the Pump Zone IP chargeability anomaly to explain this anomaly and discover higher grade structures that are evidenced by a more intense east-west IP chargeability trend; 4) reverse circulation or diamond drill test the Central Zone Target to evaluate potential for more intensely oxidized zones of lower-grade "oxide" gold mineralization similar to the North Zone discovery; 5) initial geophysics and drill testing of the Trout Peak Target to define the extent of the intrusive hosted gold at this target; and 6) drill test the high-grade gold in quartz-breccia zone at the South Fork Target.

Two independent technical reports with exploration recommendations have been completed. The recommendations from these reports support further exploration including drilling of the six targets. The Company was granted a multi-year drill permit in 2019 and plans are currently being formulated for a drill-oriented exploration program when the Company is adequately funded to proceed.

In 2020, the Company completed a modest 2020 program of additional soil sampling to better define potential at two of the highest priority soil anomaly targets. This activity successfully expanded the Elephant South Zone target and identified some additional high grade grab samples at the Trout Peak Target. The Company has not completed an exploration program recently and is presently considering its strategic options for the Project.

McCord Gold Project, Alaska, USA (100% interest)

The Property consists of 15 fifteen Alaska State mineral claims located in the Fairbanks Mining District, near Livengood.

The McCord Property is located in the eastern extension of the Livengood Gold District and immediately adjoins International Tower Hill's ("ITH") Livengood Property on the eastern side. ITH has reported in-situ measured and indicated resource of 11.46 million ounces of gold (see the ITH website for complete disclosure).

The Company's historic exploration programs consisted of grid-based and power auger assisted soil sampling (467 soil samples to date), geological mapping, prospecting, and rock sampling (73 rock samples to date). The combined soil sampling programs identified at least five gold-in-soil anomalies. The two largest multi-element soil anomalies, exceeding 10 ppb gold, are approximately 1,500 m by 400 m, and 1,100 m by 500 m in size. The maximum soil value exceeds 100 ppb gold, which is the upper detection limit for the analytical method used. The Livengood District has not been glaciated and therefore any soil anomalies are interpreted to represent a local source area.

The geology in the McCord Creek area is interpreted to consist of Proterozoic to Paleozoic sedimentary and volcanic rocks near an ophiolitic thrust assemblage of mafic volcanics that has been cross-cut by Cretaceous-aged intrusives. This geological setting is similar to ITH's adjoining property.

The Company completed a minor program of orientation soil sampling at Lower McCord creek in 2018 and 2020.

Bandito Property, Yukon, Canada (100% interest)

The Bandito Property is comprised of 177 claims covering about 3,700 hectares.

The Company owns a 100% interest in the Bandito Property. The vendor retains a 1% NSR, one-half of which may be purchased by the Company for $1,000,000.

As a result of the Company's exploration activity elevated rare earth and niobium values in rock samples have been identified within at least a two square km area underlain by sodium metasomatized and red coloured syenite of Proterozoic age. The area is underlain by extensive km-scale rare earth element ("REE"), niobium, tantalum and zirconium soil anomalies which anomalies remain open to expansion in an area of minimal outcrop.

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ENDURANCE GOLD CORPORATION

MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the year ended December 31, 2023

The most significant prospects were identified during follow-up to the extensive REE and niobium soil anomalies. Highlights of prospects discovered by the Company within the altered syenite ("Red Syenite") include rock samples with:

1. 3.491% TREO+Y with 76.7% HREO ratio, 0.887% Nb2O5, 43.2% ZrO2;
2. 1.978% TREO+Y with 74.9% HREO ratio, 0.958% Nb2O5, 43.6% ZrO2; and
3. 0.698% TREO+Y with 46% HREO ratio.

[Note: TREO+Y means total REE oxides plus yttrium oxide and HREO ratio refers to the percentage of the heavy rare earth oxides (from europium to lutetium plus yttrium) as a percentage of total rare earth oxides.]

Other significant rare earth element prospects discovered to date include:
South Fenite trenches
northern	2.30% TREO+Y	Over 6 m
	Including 3.32% TREO+Y	Over 4 m
southern	1.38% TREO+Y	Over 8 m
	Including 2.08% TREO+Y	Over 5 m

The South Fenite trench (northern) averages 10.8% HREO ratio and 10.8% neodymium oxide (Nd2O3) ratio.

In addition to these encouraging REE discoveries reconnaissance scale prospecting and sampling has identified other significant niobium-tantalum prospects, including:

• A grab sample with 1.3% Nb2O5, and 0.094% Ta2O5 associated with pyrochlore and specular hematite alteration in Red Syenite.
• Rock samples in Red Syenite up to 0.958% Nb2O5 (grab), 0.323% Nb2O5 (grab), 0.316% Nb2O5 (grab), 0.312% Nb2O5 (grab), and 0.243% Nb2O5 (grab) plus 0.22% Nb2O5 over 3.0 m.
• In the North Fenite, South Fenite and Copper Pass Fenite (2.9 km strike) about thirty (30) samples returned values greater than 1,000 ppm niobium (>0.143% Nb2O5) including values up to 0.429% Nb2O5 over 1.0 m and 0.21% Nb2O5 over 6 m.

Based on a comprehensive technical review completed by the Company, a program of additional geophysics, soil sampling, trenching and drilling is justified to advance this rare earth-niobium-zircon target to the discovery stage.

No field related exploration activity has been conducted in recent field seasons. With the renewed interest in critical strategic minerals by governments and the financing community, the Company applied for and has now been granted a Class 1 Land Use Permit in 2022 and again in 2023 that will allow for field activities including reconnaissance-type drilling. In 2022 a LiDAR survey was completed that will assist in future program planning activities. The Company has also initiated discussions with communities and the Yukon government with the objective of considering the application for additional permits to enable more advanced exploration activity. These activities will assist in the consideration of all strategic options for the Property including divesting its interest. The Company received a Yukon YMEP grant in 2022 that reimbursed the Company for $14,387 to offset the costs of the LiDAR survey completed on the property during the 2022 field season.

Other Properties

Flint Lake JV Gold Property, Ontario, Canada (18.7% JV interest)

The Flint Lake JV Property is located approximately 58 km southeast of Kenora in northwestern Ontario. The Property is now comprised of 180 mining claims all situated within the Kenora Mining Division.

In 2007 Endurance entered into an option agreement with Metals Creek Resources Corp. ("MEK"), whereby MEK could acquire a 75% interest in the Dogpaw Lake and Flint Lake areas of northwestern Ontario. Since that date, MEK has earned its 75% interest through issuing 450,000 shares to Endurance and completing $450,000 in exploration expenditures, and a

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