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ETU: A Dominant Foothold in a Dominant Jurisdiction

What you need to know:
• ETU’s flagship Hawkins project sits in one of the best mining neighbourhoods in the world with its massive 681km2 land package spanning 80km along the Porcupine-Destor Fault which hosts >100 Moz Au
• The Band-Ore Project is an asset that the market is not yet giving ETU any credit for, however, the high-grade historical resources and recent drill results make for a highly promising project
• Committed partners – Kinross & Crescat Capital each own 10%

E2Gold Inc. (ETU:TSXV) is a Canadian junior exploration company with two prospective projects, the Hawkins Gold Project (ETU’s flagship asset), and the Band-Ore Project, both located in Ontario. The two projects are situated along the Porcupine-Destor Fault and make up over 70,000 hectares (ha), one of the largest land packages in Ontario. Both projects host resources, with the Hawkins Projects resource being NI43-101 compliant while the two historical resources at Band-Ore are non-compliant. The Company’s recent work and systematic approach to uncovering this significant land package has solidified our view that ETU is one of the most overlooked exploration plays in one of the best mining jurisdictions in the world. The Company has an experienced team of geologists with a track record of efficiently discovering and growing resources and ultimately creating shareholder value. We are initiating coverage on E2Gold Inc. with a BUY rating and target price of $0.10/share.

Investment Thesis Summary
A dominant foothold along Ontario’s Porcupine-Destor Fault. ETU’s projects span >70,000 ha, making it amongst the largest landholders in one of the most mineral-endowed regions globally (within 300km of 13 operating mines hosting >40Moz).

Both Projects with Historical Resources. Both of ETU’s projects have historical resources, a strong indicator for resource growth, and greater potential for future discoveries as the ground is already proven to be mineralized.

Exceptional Accessibility and Infrastructure. Both projects have exceptional access to infrastructure, being proximal to the trans-Canada highway, railways, power, and water. Both Projects are accessible year-round.

Systematic 2023 Exploration Program. Due to the folded quartz vein style of mineralization, in 2023, ETU is testing and developing a variety of theories to help inexpensively locate the high-grade mineralization (within the lower-grade broader disseminated zones) prior to expending capital on a more sizable drill campaign.

Strong Team and Backers. E2Gold is led by a team of renowned geoscientists, which is ideal when exploring a land package of this size. The Company is also supported by Kinross (K:TSX) and Crescat Capital who each own 10%.

Trading at a fraction of peers. ETU trades at a fraction of its peer group on an EV/ha basis despite being in one of the most prospective regions in the province and having proven strong mineralization. ETU trades at $57/ha versus peers at $257/ha.