Trident Resources Corp.
Shares Surge on Resource Expansion & Drill Highlights
Published: Dec 12, 2025
Author: FRC Analysts
Disclosure: Trident Resources Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Basic Materials / Industry – Other Industrial Metals & Mining
Trading Information
Ticker & Exchange – ROCK.V : TSX
Report Highlights
- Since our May 2025 report, ROCK is up 257%, driven by the latest resource estimate on its Contact Lake and Greywacke gold projects in Saskatchewan, and strong initial results from a recently completed 6,838 m (19 holes) drill program at Contact Lake.
- Indicated resources increased 17% to 0.90 Moz, and inferred resources increased 156% to 1.13 Moz. However, grades declined by 20% as lower-grade material was included due to higher gold prices. We believe the substantial growth in contained ounces outweighs the decline in grades, resulting in a positive net impact.
- All three released holes of the program at Contact Lake returned significant gold mineralization over long intervals, including 43.3 m of 7.03 g/t, 29.6 m of 2.49 g/t, and 29.5 m of 0.56 g/t. The first two holes are especially encouraging, with grades well above the current resource. Notably, these holes were drilled outside the historic mining footprint, highlighting the project’s resource expansion potential.
- The next set of results is expected in the coming weeks, and management anticipates announcing a follow-up drill program in Q1 2026.
- The company has added two early-stage properties, expanding its portfolio to five projects totaling 119,713 hectares. The new projects include Reindeer Lake (Saskatchewan) and Raney Gold (Ontario). Reindeer Lake hosts several gold, copper, zinc, and silver showings. This is a strategic acquisition, as it links the Contact Lake and Greywacke projects, and straddles a highly prospective geological area. Raney Gold is situated along an extension of the prolific Abitibi Greenstone Belt.
- With $12M in cash and marketable securities, the company is well-funded through H1-2026.
- ROCK is trading at just $40/oz AuEq vs the sector average of $85, a 54% discount.
- With gold trading at record highs, we anticipate robust M&A activity over the next 12 months, as larger companies target juniors to expand their portfolios. We remain positive on gold prices, supported by US$ weakness, and strong safe-haven demand amid economic and geopolitical uncertainty.
- Upcoming catalysts include assay results, followed by drilling in H1-2026.
Price and Volume (1-year)
| YTD | 12M | |
| ROCK | N/A | N/A |
| TSXV | 56% | 56% |
*QP: Cornell McDowell, P.Geo, VP Exploration of Trident Resources Corp.
* Trident Resources Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Fundamental Research Corp. Equity Rating Scale:
Fundamental Research Corp. Equity Rating Scale (ratings are not a recommendation to acquire, dispose of, or take no action regarding a security; the definition of our ratings are explained below):
- Buy – Fair value is 12% above the current market price; or risk and reward is favorable
- Hold – Fair value is between 5% to 12% above the current market price
- Sell – Fair value is 5% above, or less, than the current market value; or risk and reward is unfavorable
- Suspended or Rating N/A – Coverage and ratings suspended until more information can be obtained from the company regarding recent events.
Fundamental Research Corp. – Risk Rating Scale:
- (Low Risk) – The company operates in an industry where it has a strong position (for example a monopoly, high market share etc.) or operates in a regulated industry. The future outlook is stable or positive for the industry. The company generates positive free cash flow and has a history of profitability. The capital structure is conservative with little or no debt.
- (Below Average Risk) – The company operates in an industry where the fundamentals and outlook are positive. The industry and company are relatively less sensitive to systematic risk than companies with a Risk Rating of 3. The company has a history of profitability and has demonstrated its ability to generate positive free cash flows (though current free cash flow may be negative due to capital investment). The company’s capital structure is conservative with little to modest use of debt.
- (Average Risk) – The company operates in an industry that has average sensitivity to systematic risk. The industry may be cyclical. Profits and cash flow are sensitive to economic factors although the company has demonstrated its ability to generate positive earnings and cash flow. Debt use is in line with industry averages, and coverage ratios are sufficient.
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