Enduro Announces Closing of $10 million Private Placement

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Enduro Announces Closing of $10 million

Private Placement

May 19, 2022, Kelowna, British Columbia – Enduro Metals Corporation (TSXV: ENDR

OTCQB: ENDMF) (“Enduro Metals” or the “ Company”) is pleased to announce that it has

closed its previously announced non -brokered private placement for gross proceeds of

$10,020,000.

Cole Evans, President, CEO & Director, commented, “We’ve spent a significant amount of time

refining our Company’s story, its project’s technical merits, and the potential pathway forward,

and believe the Company is well positioned to unlock value through tier one discoveries.

Completing this financing during the current market conditions is a testament to the potential

value of the Newmont Lake project.”

“We’d like to thank all the participants in this financing. Your belief in our team and the project

is what motivates us to reach our goals and milestones. We are welcoming some new strategic

investors, including our now single largest shareholder, as well as some key financiers. With the

closing of this financing, we can now focus on one of the most important seasons for the

Company as we follow-up on our three-years of systematic exploration.”

Details of the Private Placement

The private placement consisted of 1,000,000 non-flow-through shares (the “NFT Shares”)

at a price of $0.26 per NFT Share, 3,333,334 flow-through shares (the “FT Shares”) at a price

of $0.30 per FT Share and 24,000,000 charity flow-through shares (the “ CFT Shares”) at a

price of $0.365 per CFT Share (collectively, the “Offering”).

The Company intends to use the proceeds of the Offering for the exploration of the

Company’s key projects located in the Golden Triangle an d for general working capital

purposes. The gross proceeds from the issuance of the FT Shares and the CFT Shares will be

used for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act

(Canada), which will be renounced with an effective date no later than December 3 1, 2022

to the purchasers of the FT Shares and the CFT Shares.

The Offering is subject to certain conditions including, but not limited to, the receipt of the

final approval of the TSX Venture Exchange.

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All securities issued in connection with the Offering are subject to a four-month hold period

which will expire on September 20, 2022.

In connection with the Offering, the Company has paid Cantor Fitzgerald Canada Corporation

a cash fee of $60,000 and Canaccord Genuity Corp. a cash fee of $15,600.

The securities offered have not been registered under the United States Securities Act of

1933, as amended, and may not be offered or sold in the United States absent registration or

an applicable exemption from the registration requirements.

About Enduro Metals

Enduro Metals is an exploration company focused on it’s flagship Newmont Lake Project; a

total 654km2 property located between Eskay Creek, Snip, and Galore Creek within the heart

of northwestern British Columbia’s Golden Triangle. Enduro entered into an option

agreement to acquire 436km2 from Romios Gold Resources who has carefully amalgamated

the area s ince 2005 from numerous smaller operators. The remaining 202 km 2 is owned

100% by Enduro and was acquired via staking or cash purchase. Building on prior results,

the Company’s geological team have outlined 4 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, high -grade

epithermal/skarn silver/zinc at Cuba, and a large 9km x 4km geochemical anomaly hosting

various gold, silver, copper, zinc, nickel, cobalt, and lead mineralization along the newly

discovered Chachi Corridor.

On Behalf of the Board of Directors,

ENDURO MET ALS CORPORATION

“Cole Evans”

President/CEO

For further information please contact:

Investor Relations

Sean Kingsley – Director of Communications

Tel: +1 (604) 440-8474

Email: [email protected]

https://www.endurometals.com

As a continued effort to keep investors, interested parties and stakeholders updated, we have

several communication initiatives. If you have any questions online (Twitter, Facebook,

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LinkedIn, or Instagram) feel free to send direct messages or a post and include the

hashtag #askENDR.

To book a one-on-one 30 -minute Zoom video call directly click

here: https://endurometals.youcanbook.me

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for

the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains statements that constitute "forward -looking statements". Such

forward looking statements involve known and unknown risks, uncertainties and other

factors that may cause Enduro’s actual results, performance or achievements, or

developments in the industry to differ materially from the anticipated results, performance

or achievements expressed or implied by such forward-looking statements. Forward looking

statements are statements that are not historical facts and are generally, but not always,

identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates,"

"projects," "potential" and similar expressions, or that events o r conditions "will," "would,"

"may," "could" or "should" occur.

Although Enduro believes the forward-looking information contained in this news release is

reasonable based on information available on the date hereof, by their nature forward -

looking statements involve assumptions, known and unknown risks, uncertainties and other

factors which may cause our actual results, performance or achievements, or other future

events, to be materially different from any future results, performance or achievements

expressed or implied by such forward-looking statements.

The forward-looking information contained in this news release represents the expectations

of the company as of the date of this news release and, accordingly, is subject to change after

such date. Readers should not place undue importance on forward-looking information and

should not rely upon this information as of any other date. While the company may elect to,

it does not undertake to update this information at any particular time except as required in

accordance with applicable laws.