Company Summary
We are providing an update on our coverage of Dryden Gold, as they are delivering on their exploration program and have provided additional news that impacts their story for 2025. 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.
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$0.65 reflects better-than-expected drilling results and discovery of high grades in parallel structures, ownership to 100% and success in obtaining three exploration permits to add to the news flow and project advancement.
Initial Report Catalysts And Timing
- Assay results from sampling of old core (Q1 2025)
- Exploration drilling results 2025 season (Q1 and ongoing 2025)
- Regional exploration results with discovery (Q2 2025 and ongoing)
- Positive results from others in District (2025)
- High-grade gold results from drilling (Q1 2025 and ongoing)
- Investor Outreach events and programs (ongoing)
- Additional funding with significant investors (2025 and ongoing)
Investment Highlights
1. Strong financial and strategic position
- Fully funded 2025 program: $5.8M CAD exploration budget expanded to 15,000 meters of drilling at the Dryden area projects.
- Strategic partnerships:
- Alamos Gold option completed: Dryden Gold now owns 100% of the Dryden land package.
- Centerra Gold investment: maintains a 9.9% equity stake with top-up rights; signaling continued institutional confidence.
2. Operational and permitting momentum
- Exploration permits secured: Active permits in place for Gold Rock, Sherridon, and Hyndman, enabling multi-project exploration.
- Local and regulatory support: Permitting success reflects positive local sentiment and supports project scalability.
3. Exploration success and expansion on Gold Rock Project:
- Drilling extended the Elora Vein strike over 2 km northeast.
- Discovery of new parallel structures with visible gold, including a standout intercept of 301.67 g/t gold over 3.9 m.
- Additional visible gold identified northeast toward the past-producing Laurentian Mine, assays pending.
4. Market support
- Rising gold prices: Global uncertainty and tensions support gold market strength.
- Share price growth: Dryden Gold's share price has increased by 70% since the initiation of coverage, reflecting growing investor confidence.
Buy — Updated target price of C$0.65, based on exploration upside, strong asset fundamentals, investor support and gold price environment.
