Full Ownership Secured Across Major Northern Land Position After Final Option Payment

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1. Disclosure for the quote from the John Newell article published on December 22, 2025

1. For the quoted article (published on December 22, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, between US$2,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB; X7W:FSE) announced that it has fulfilled the remaining expenditure obligations under its option agreement dated Feb. 8, 2022, with Michael Tremblay and 2625286 Ontario Inc., each holding 50%. The company has notified the optionors that it will make its final option payment, after which it will acquire a 100% interest in the Tremblay property located at the northern portion of its 70,000 hectare land package that includes the Hyndman property.

Under the terms of the agreement, the company previously paid the optionors US$212,500 in cash and issued an aggregate of 2,011,288 common shares. The final payment consists of an additional US$62,500 in cash and the issuance of 514,685 shares at a deemed price of 36.43 cents per share to satisfy the remaining US$250,000 payment. The share issuance price was determined based on 30 days of trading in the company's stock on a volume weighted basis for the period ending Feb. 6, 2026. The final share issuance remains subject to TSX Venture Exchange approval and will be subject to a hold period of four months and one day from the date of issuance.

The company also reported that it completed the required aggregate US$1.2 million in firm work commitments on the Tremblay property. Following completion of the option exercise, the company will hold a 100% legal and beneficial interest in the property, subject to a 2% net smelter returns royalty to the optionors, of which 1% can be purchased at any time for US$1 million.

Prior to the final share issuance, the optionors held an aggregate of 1.08 million common shares of the company. Following issuance, they will hold 1,594,885 common shares, representing a security holding percentage of less than 1% of the company's outstanding shares.

The company also granted an aggregate of 2.9 million incentive stock options to management, board members, employees, strategic advisers and consultants under its stock option plan. The options are exercisable at 40 cents per share for 10 years from the date of grant. The options vest 20% on the date of grant and 20% every six months thereafter for two years for management, and vest quarterly over one year for independent directors.

Gold Market Activity and Precious Metals Trends

Recent market commentary reflected continued volatility and shifting drivers across the gold and broader precious metals sector, as reported by VBL on February 8. In early February, price movements were attributed in part to speculative activity. Speaking in Washington, US Treasury Secretary Scott Bessent said that recent swings had been linked to trading conditions in China, stating, "The gold move thing — things have gotten a little unruly in China." He added that authorities were tightening margin requirements and described the move as "kind of like a classical, speculative blowoff." His remarks followed a period of record breaking gains in precious metals that later reversed sharply amid broader market shifts, including strength in the US dollar and changing investor sentiment.

Market commentary from Couloir Capital dated Feb. 11 reported that gold prices had "ended higher by 1.97% during the week, and are up another 1.60% today as safe-haven demand remained resilient, even as some geopolitical risks eased, with investors continuing to hedge against macro and policy uncertainty." The same commentary stated that "ongoing central-bank gold purchases also provided a tailwind, reinforcing confidence in longer-term demand." The firm also described mixed performance across related metals, noting that silver prices declined before rebounding, while copper and zinc prices moved lower amid supply and demand shifts in major industrial markets.

According to reporting published Feb. 11 by Yahoo Finance UK, gold prices had moved higher alongside expectations surrounding US economic conditions and monetary policy. The report stated that gold futures climbed 0.9% to US$5,077.20 a troy ounce while spot prices rose to US$5,055.34 at the time of writing. Kyle Rodda, senior market analyst at Capital.com, said, "Yields being lower are obviously supportive of gold today... After soft retail sales numbers, there's the expectation that perhaps, further and deeper rate cuts may be needed more imminently than previously thought." The same coverage noted that declining yields tended to enhance the appeal of non income producing assets such as gold. Tim Waterer of KCM wrote in a note that "moves of more conviction from either gold or the dollar may be reserved until after the NFP release, with US jobs data likely to factor into the Fed's interest rate trajectory. Any softness in the jobs data for January could help gold's rebound efforts."

Third-Party Analysts Cite Drill Results and District-Scale Characteristics

On Dec. 1, Couloir Capital reported that the company's initial three-hole drill program at the Mud Lake target produced encouraging early results. The firm pointed to "a vein intercept of 43.1 g/t gold over 0.5 meters" and noted that surface sampling returned grades "up to 93 g/t gold" from a high-grade shear zone.

Brien Lundin of Gold Newsletter wrote on Dec. 11 that the 2025 exploration program had achieved its stated objectives. "Taken together Mud Lake, Elora, Big Master and the early wins at Sherridon and Hyndman Dryden Gold Corp.'s 2025 program has delivered on its stated exploration goals," he stated. Lundin also said the company was "now positioned to drill aggressively in 2026 with a fully funded program aimed at expanding both scale and continuity across the Gold Rock camp."

¹ John Newell of John Newell & Associates described the company on Dec. 22 as a district-scale opportunity "uncovering stacked high-grade gold zones across a commanding land position in northwestern Ontario." He referenced intercepts of 301.67 g/t gold over 3.90 meters and historic results of 3,497 g/t gold over 8.5 meters, and rated the stock a "Speculative Buy" at CA$0.34.

In a Jan. 8 letter, Chen Lin of What is Chen Buying? What is Chen Selling? wrote that "DRY.v announced continued CGAU support and is doing a financing," adding that it "could be a good entry point if you are bullish on the sector and want to get involved." He also confirmed the company's participation in an upcoming panel event.

A Feb. 4 commentary from The Gold Advisor included analysis from senior analyst Jeff Valks, who said recent drilling at the Pearl zone marked the first confirmation of significant mineralization in the footwall of the Elora shear, adding a new structural layer to the Gold Rock Target Area. Valks reported that five drill holes totaling approximately 1,600 meters were completed along a 600 meter strike from Jubilee to Pearl, with intercepts encountered at shallow vertical depths ranging from 15 to 70 meters. He highlighted results including 6.4 g/t gold over 3.30 meters from a newly identified footwall zone, 77.90 g/t gold over 0.50 meters from a second footwall zone, and 1.61 g/t gold over 16.40 meters within the main Elora shear. He wrote that the results reinforced a recurring pattern of "multiple stacked structures, combining narrow high-grade zones with broader envelopes of lower-grade mineralization," and said the discovery of footwall mineralization reflected a continuation of the structural style previously observed at Jubilee, but identified across the Elora shear rather than along its hanging wall.

Operational Programs and Exploration Work Streams

The company outlined multiple exploration and operational programs across its properties in its investor presentation. At the Gold Rock Camp, activities include work to grow the Gold Rock target area and testing for periodicity along strike, including Mud Lake and other targets. The company also plans drilling to test the Hyndman discovery and further testing of the Sherridon regional target. In addition, a property wide soil and till program is being reviewed with the stated goal of identifying additional regional targets.

Exploration work includes regional exploration targeting new discoveries across the company's land package, with multiple regional targets identified. Structural synthesis work related to tectonic evolution is part of this regional targeting, and multiple deposit models are being evaluated, including ultramafic-hosted mineralization at Sherridon and granodiorite-hosted mineralization at Hyndman. Permits for regional work are noted as approved.

At Hyndman, channel sampling programs were conducted in 2025 to evaluate mineralization width and sample areas that are more difficult to access using traditional methods. Soil and till sampling programs across the property, including Hyndman, are being used to help define additional gold-bearing targets. Field programs in 2024 and 2023 identified new gold showings, including samples returning values above 1.00 grams per tonne gold and samples exceeding 5 grams per tonne gold.

At Sherridon, soil and till data are being integrated into regional targeting, and a geophysical inversion study is underway to help define targets.

The company has a funded 2026 exploration budget totaling US$11.0 million. This includes US$500,000 allocated to additional sampling and surveys for early stage regional targets, including follow up on soil and till programs. US$1.5 million is allocated to mapping, channel sampling and compilation work across regional targets including Gold Rock, Sherridon and Hyndman. US$9.0 million is allocated to drilling across Gold Rock, Hyndman and Sherridon. The budget includes 32,000 meters of drilling and began in the fourth quarter of 2025.

Additional exploration planning includes continued drilling and structural definition work at Gold Rock Camp, including deeper drilling and development of multiple target areas across approximately 20 kilometers. Regional work includes first pass drilling and re logging at Sherridon and planning follow up drilling, as well as channel sampling and drill testing related to Hyndman.

The company also identified exploration emphasis on Gold Rock Camp targets, including drilling permitted for northern extensions, and noted that both Sherridon and Hyndman have been permitted for additional field work and drilling during the 2025 campaign.

Ownership and Share Structure²

According to the company, contingent on post private placement, management and insiders own 5.45%, while strategic entities hold 50.25% of the shares. 

Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) holds 9.90%, Alamos Gold Inc. (AGI:TSX; AGI:NYSE) owns 10.57%, Delbrook Capital Advisors has 10.82%, and Euro Pacific Asset Management LLC owns 5.68%. There are currently 218 million shares outstanding. 

The company's market capitalization is CA$85.25 million, and it trades in a 52-week range of CA$0.48 to CA$0.105.