We are providing an update on our coverage on Dryden Gold as they are delivering on their exploration program and provided additional news that impacts their story for 2025 and into 2026. The Company is delivering on the catalysts we presented in our initiation report, and we look to summarize this activity and its impact on the value it adds.Â
We continue to recommend Dryden Gold to risk-tolerant investors looking for exposure to gold exploration, discovery, and resource definition. Our updated target of C$0.85 reflects better than expected drilling results, the discovery of high grades in parallel structures, increasing ownership to 100%, and raising additional capital, with changes to the share structure, to add to the news flow and project advancement.
Investment HighlightsÂ
Exploration success and resource growthÂ
- Multiple stacked high-grade structures confirmed across 1 km at Elora Gold System, expanding resource footprint.
- Gap Hole discovery validates nine stacked zones across 540m, linking Big Master and Elora systems, with another 150m to the Paymaster structure from Spyglass.
- Hyndman surface sampling yields 23.32 g/t Gold over 2.80m, confirming priority drill target for 2026.
- Sherridon intersects 1.28 g/t Gold over 19 m, providing indications of bulk-tonnage potential across 5 km anomaly
Technical and structural model validationÂ
- Red Lake-style structural controls confirmed at Jubilee, Pearl, and Laurentian zones with visible gold.
- Structural modeling identifies shear-parallel, fold-related, and en-echelon styles, guiding high-grade targeting.
Capital and institutional support
- $7.82M LIFE financing closed with Centerra Gold maintaining 9.9% stake, validating project potential.
- Financing fully funds +23,000 m drill program through mid-2026, enabling aggressive exploration.
Corporate development and market positioningÂ
- Strategic advisors added with deep geology and capital markets experience to support resource definition.
- Marketing agreement extended to enhance investor outreach ahead of key exploration milestones.
Recommendation: These developments position Dryden Gold for sustained exploration momentum, resource growth, and support our new fair market target of C$0.85 for the stock into 2026.
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Company-specific disclosures, if any, are below:
1.                   In the last 24 months, Couloir Capital Ltd. has been retained by the subject issuer under a service agreement that includes analyst research coverage.
2.                   The views of the Analyst are personal.
3.                   No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports.
4.                   The Analyst does not maintain a financial interest in the securities or options of the Company.
5.                   The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated hedge fund entity.
6.                   The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness.
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