Mr. Robert Cameron reports

ENDURO METALS AND SOUTHERN EMPIRE FINALIZE EARN-IN TO THE PEDRO GOLD PROJECT, MEXICO

Enduro Metals Corp. and Southern Empire Resources Corp. have agreed to close Southern Empire's acquisition of the 1,750-hectare Pedro gold project in Durango state, Mexico.

Pursuant to amendments of the original option agreement (see Commander's news release of July 27, 2021), Southern Empire will, subject to TSX Venture Exchange approval, acquire a 100-per-cent interest in the Pedro mineral tenements by acquiring a 100-per-cent beneficial interest in Minera BRG SA de CV (the Mexican subsidiary of Enduro that owns Pedro) by issuing to Enduro two million common shares of Southern Empire and committing to a future milestone payment of $2-million upon commencement of commercial production. Enduro retains a 2-per-cent net smelter return royalty interest with no buydown provision.

The project is considered a non-core asset, with Enduro's focus being on its Newmont Lake project in British Columbia's Golden Triangle. Restructuring the earn-in agreement paves the way for activity to recommence at the project, following a number of years of inactivity as a result of uncertainty in Mexican mining legislation and weak market conditions, both of which are much improved.

The Pedro gold project is located 80 kilometres from Torreon, Mexico, in the northeastern part of the state of Durango and approximately 30 km west of the town of Mapimi. At Pedro, a gold exploration target is outlined at surface by a gold-in-soil geochemical anomaly (greater than 10 parts per billion) with dimensions of 4,000 metres by 1,000 metres. Outcrop exposure comprises prominent hematite-stained, silica-rich ridges of angular chalcedony fragments and silicified sedimentary rocks within a coarse breccia. Historical sampling of these exposed zones returned gold values (in rock) ranging from background levels to a maximum of 2.3 parts per million (58 samples greater than 0.25 ppm Au and 11 greater than one ppm Au). Induced polarization geophysics defined zones of elevated chargeability and has identified discreet deep features. Southern Empire completed 856.3 metres of core drilling at Pedro gold in 2022, returning a best interval of 15.23 m grading 0.577 grams per tonne gold in hole P22-03. Trace element association, alteration and regional setting indicate a possible Carlin-style mineral system.

Granting of options

The company has granted an aggregate of 3.69 million incentive stock options to certain officers and directors in accordance with Enduro's equity incentive plan. The options are exercisable at a price of 15.5 cents and will expire five years from the date of their issuance. Grant of the options is subject to approval by the TSX Venture Exchange.

Quality assurance/quality control data verification statement

Historical samples mentioned in this release were prepared and analyzed at various times by ALS Chemex at its labs in Chihuahua, Mexico, and Vancouver, Canada. See Commander's news dated Sept. 16, 2012, and July 2, 2014 (historical drill results), posted on SEDAR+ under Bearing Lithium, and news dated Feb. 19, 2020, March 30, 2021, and July 27, 2021, for Commander Resources for QA/QC details. Drilling samples by Southern Empire were analyzed through the ALS geochemistry preparation lab facility in Chihuahua state, Mexico, which were then shipped by ALS to its North Vancouver, B.C., facility for gold and multielement analysis (see Commander and Southern Empire release dated April 27, 2022, for QA/QC details).

Qualified person

Robert Cameron, PGeo, is a qualified person within the context of National Instrument 43-101, and has read and takes responsibility for the technical aspects of this release.

About Enduro Metals Corp.

Enduro Metals is an exploration company focused on its Newmont Lake project, a total 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, copper-gold alkalic porphyry mineralization at Burgundy and newly discovered copper-gold porphyry mineralization at North Toe/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.

We seek Safe Harbor.