Final Payment Secures Full Ownership of Ontario Gold Property

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Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) has completed the final payment required under its option agreement with Alamos Gold Inc., securing full ownership of the Dryden Gold Property in Northwestern Ontario. The transaction marks the culmination of an agreement dated April 20, 2022, between Dryden Gold and Manitou Gold Inc., a wholly owned subsidiary of Alamos.

Under the terms of the agreement, Dryden Gold has satisfied its obligations through a combination of cash and equity. The company paid Alamos a total of CA$2 million, consisting of CA$1 million in cash and the issuance of 8,568,980 common shares. These shares were valued at 11.67 cents each, calculated based on a 20-day volume-weighted average price (VWAP) ending on March 12, 2025. The issuance, which was previously disclosed in a TSX Venture Exchange Form 3D2 filing statement on Dec. 27, 2023, is subject to a four-month and one-day hold period from the date of issuance.

In addition to financial commitments, Dryden Gold has completed the required CA$1.4 million in firm work expenditures on the property. With these obligations met, Dryden Gold now holds full legal and beneficial ownership of the Dryden Gold Property, subject to a 1% net smelter return (NSR) royalty payable to Alamos.

The completion of this payment increases Alamos Gold's stake in Dryden Gold, making it the company's largest single shareholder. Prior to the share issuance, Alamos held 14,434,346 common shares, representing a 9.58% ownership interest. Following the transaction, Alamos now holds 23,003,326 common shares, equivalent to 14.44% of Dryden Gold's outstanding shares.

In accordance with securities regulations, Alamos Gold will file an early warning report disclosing its increased stake in Dryden Gold. The company stated that it has no immediate plans to adjust its holdings beyond its existing contractual agreements but retains the right to acquire or dispose of securities based on market conditions and other relevant factors.

Gold Market Strengthens Amid Institutional Investment and Record Prices

Gold prices continued their upward trajectory, with multiple market analysts pointing to strong institutional interest and macroeconomic factors as key drivers. According to Energy and Capital, on March 15, gold surpassed US$3,000 per ounce for the first time in history, reaching an all-time high of US$3,017 before slightly pulling back. The report highlighted that gold had been steadily approaching this milestone for weeks, emphasizing that demand remained robust despite record prices.

Ron Wortel of Couloir Capital said, "With a fully funded 2025 exploration program, we see the company generating additional discoveries leading to increased market interest and higher valuations."

On March 16, 321Gold discussed gold's ongoing rally, detailing technical projections for further gains. The report outlined wave analysis suggesting that gold was in a strong upward trend, with analysts forecasting additional price increases. The analysis also pointed to significant resistance levels being surpassed, indicating a breakout in gold equities alongside physical metal demand.

By March 18, Stockhead reported that gold had again climbed to new highs, reinforcing its position as a safe-haven asset amid geopolitical uncertainty. The report stated, "The price of gold also shot to a new high, pushing past US$3,000 an ounce." The surge aligned with heightened market volatility, which led investors to allocate capital toward precious metals.

That same day, Kitco analyzed gold equities, suggesting that institutional capital inflows into mining stocks were increasing. The report stated, "Most gold bugs may be underestimating the amount of institutional money that could pour into the miners as the world gets carpet bombed with tariff taxes." It drew parallels to the 1970s, a period when U.S. stock markets declined while gold mining stocks surged due to stagflation. The report also highlighted technical indicators showing potential for further gains in mining equities, reinforcing the argument that gold stocks were attracting significant investor attention.

Dryden Gold Advances Exploration with Full Ownership and Aggressive 2025 Drilling Program

Dryden Gold's acquisition of full ownership of the Dryden Gold Property enhances its control over exploration and development activities in the region. The company has outlined an aggressive drilling and exploration program for 2025 in its investor presentation, focusing on high-grade gold targets across its 702-square-kilometer land package in Northwestern Ontario.

Recent drill results have demonstrated significant mineralization at multiple targets, including Gold Rock Camp and the Elora Gold System. Notable intercepts include 30.72 grams per tonne (g/t) gold over 5.70 meters and 15.17 g/t gold over 6.95 meters. The company has also reported high-grade grab samples, including a 34.80 g/t gold sample collected in 2024 from the Hyndman property.

Dryden Gold's strategic positioning in the Dryden Gold District, a historically underexplored region with geological similarities to the prolific Red Lake mining camp, adds further potential for resource expansion. The company's 2025 exploration budget of CA$5.8 million is allocated toward drilling, geophysical surveys, and regional target development. 

With established infrastructure, including year-round road access and grid power, Dryden Gold is well-positioned to advance exploration efforts efficiently. The company's recent strategic investment from Centerra Gold and increasing shareholder interest signal confidence in its potential to develop a significant high-grade gold resource in the district.

Ownership and Share Structure

According to the company, management and insiders own 7.62%, with Strategic entities owning 56.78% of Dryden.  Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) holds 9.37% with Alamos Gold Inc. (AGI:TSX; AGI:NYSE) holding a 14.44% stake in it. Euro Pacific Asset Management LLC owns 4.58%. There are 159 million shares outstanding. 

Its market cap is CA$16.44 million, and it trades in a 52-week range of CA$0.40 and CA$0.095.