Gold Corp. Gets Buy Rating on High-Grade Discovery Momentum
Research Report

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Disclosures for Couloir Capital, Dryden Gold Corp., February 13, 2026

This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. 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 only. 2 The issuer has no control over the content of this report. 3 The views of the Analyst are personal. 4 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. 5 The Analyst does not maintain a financial interest in the securities or options of the Company. 6 The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity. 7 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.

Investment Ratings—Recommendations Each company within an analyst’s universe, or group of companies covered, is assigned: 1 A recommendation or rating, usually BUY, HOLD, or SELL; 2 A 12-month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; and 3 An overall risk rating which represents an analyst’s assessment of the company’s overall investment risk. These ratings are more fully explained below. Before acting on a recommendation, we caution you to confer with your investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk tolerance, and investment time horizon. Couloir Capital’s recommendation categories include the following: Buy The analyst believes that the security will outperform other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating. Hold The analyst believes that the security is expected to perform in line with other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) HOLD rating. Sell Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are expected to under-perform other companies on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) SELL rating. Tender The analyst is recommending that investors tender to a specific offering for the company’s stock. Research Comment An analyst comment about an issuer event that does not include a rating. Coverage Dropped Couloir Capital will no longer cover the issuer. Couloir Capital will provide notice to clients whenever coverage of an issuer is discontinued. Following termination of coverage, we recommend clients seek advice from their respective Investment Advisor.

Under Review Placing a stock Under Review does not revise the current rating or recommendation of the analyst. A stock will be placed Under Review when the relevant company has a significant material event with further information pending or to be announced. An analyst will place a stock Under Review while he/she awaits enough information to re-evaluate the company’s financial situation. The above ratings are determined by the analyst at the time of publication. On occasion, total returns may fall outside of the ranges due to market price movements and/or short-term volatility. Overall risk ratings Very High Risk: Venture-type companies or more established micro, small, mid or large-cap companies whose risk profile parameters and/or lack of liquidity warrant such a designation. These companies are only appropriate for investors who have a very high tolerance for risk and volatility and who can incur a temporary or permanent loss of a very significant portion of their investment capital. High Risk: Typically, micro or small-cap companies which have an above-average investment risk relative to more established or mid to large-cap companies. These companies will generally not form part of the broad senior stock market indices and often will have less liquidity than more established mid and large-cap companies. These companies are only appropriate for investors who have a high tolerance for risk and volatility and who can incur a temporary or permanent loss of a significant portion of their investment capital. Medium-High Risk: Typically, mid to large-cap companies have a medium to high investment risk. These companies will often form part of the broader senior stock market indices or sector-specific indices. These companies are only appropriate for investors who have a medium to high tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a temporary or permanent loss of some of their investment capital Moderate Risk: Large to very large cap companies with established earnings who have a track record of lower volatility when compared against the broad senior stock market indices. These companies are only appropriate for investors who have a medium tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a temporary or permanent loss of some of their investment capital.

COULOIR CAPITAL SUBSCRIBE is a research-driven investment dealer TO RESEARCH focused on emerging companies in the natural resources sector Vancouver 604 609 6190 • Toronto 416 460 2960 • admin@couloircapital.com We employ a fundamental-based analysis with the goal of discovering a company’s fair value in the context of Macro factors facing each company. In doing so we generate actionable ideas in underfollowed companies where a small number of market participants can rapidly close the gap between price and fair value. Our research reports are disseminated through Bloomberg, S&P Capital IQ, Thomson Reuters, FactSet, and large email lists. RESEARCH DRIVEN

On February 13, 2026, Ron Wortel, Senior Analyst at Couloir Capital, published an updated equity research report on Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB; X7W:FSE), reaffirming a Buy rating with a fair market value target of CA$1.00 per share. The stock was trading at CA$0.38 at the time of publication, implying a projected upside of 164%. The perceived risk rating is High. The updated target reflects strong drilling results, the discovery of high-grade mineralization in parallel structures, and additional capital raised to fund an expanded exploration program.

The report highlights several recent exploration developments. On February 4, 2026, Dryden Gold reported significant new drill results from the Pearl zone within the Gold Rock Target Area. A five-hole diamond drill program totaling approximately 1,600 meters tested a 600-meter strike length between Jubilee and Pearl, with key intercepts encountered at shallow depths of 15 to 70 meters vertically. The drilling identified two new high-grade footwall zones developed parallel to the main Elora shear structure, marking the first significant gold mineralization discovered in footwall rocks at Pearl. Standout results included hole DGR-032 returning 6.4 g/t gold over 3.30 meters, including 15.10 g/t gold over 1.00 meter, from the newly identified footwall zone. Hole DGR-031 intersected 77.90 g/t gold over 0.50 meters in a second footwall structure. Within the main Elora shear, DGR-032 also returned 1.61 g/t gold over 16.40 meters, including 6.81 g/t gold over 2.50 meters.

Beyond the core Gold Rock camp, follow-up drilling at the Sherridon gold discovery, located approximately 35 km south along the Manitou-Dinorwic deformation zone, continued to expand mineralization. Results reported on January 20, 2026, included hole DSH-004 returning 1.10 g/t gold over 15.50 meters, including a higher-grade sub-interval of 25.20 g/t gold over 0.50 meters. The analyst noted that the expanded Sherridon footprint materially enhances the company's district-scale exploration thesis.

On the strategic and financial front, Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) exercised its contractual top-up right to maintain a 9.99% ownership stake in Dryden Gold following share issuances related to warrant and option exercises. The report characterizes this as a deliberate action signaling Centerra's intention to remain a long-term strategic shareholder. Additional capital events included the exercise of 19.7 million warrants at CA$0.30 for gross proceeds of CA$5.9 million in December 2025, and an upsized equity financing in January 2026 that issued 4,350,000 charity flow-through shares for gross proceeds of CA$1,848,750.

The company's 2026 exploration budget now stands at CA$11.0 million, supporting approximately 32,000 meters of drilling — expanded from earlier management guidance of 23,000–25,000 meters. The budget allocates CA$9.0 million to drilling at Gold Rock, Hyndman, and Sherridon targets, CA$1.5 million to mapping and regional compilation, and CA$500,000 to additional sampling and surveys.

As of February 1, 2026, Dryden Gold had 217,601,618 shares outstanding and 239,993,346 on a fully diluted basis, with a cash balance of approximately CA$10.8 million. The market capitalization was approximately CA$82.7 million. Key shareholders include Delbrook Capital (10.82%), Alamos Gold Inc. (AGI:TSX; AGI:NYSE) at 10.57%, Centerra Gold at 9.90%, and EuroPac Gold Fund at 5.68%. The share price has increased by more than 200% over the last 12 months.

Couloir Capital's valuation model uses a finding-cost approach applied to the planned exploration spend, with per-share value ranging from CA$0.78 to CA$1.22 depending on assumed discovery costs of CA$10/oz or CA$5/oz, respectively. A 20% premium was added for visible gold occurrences expected to boost overall grades. Sensitivity analysis to gold prices ranging from US$4,500/oz to US$5,500/oz produces average per-share values of CA$0.94 to CA$1.07.

Key risks outlined in the report include regulatory and permitting delays in Ontario, commodity price volatility, environmental and social opposition, geological uncertainty inherent in pre-resource exploration, and operational and financial risks, including potential cost overruns and limited access to capital. Dryden Gold remains a pre-resource stage company, and there is no guarantee that exploration will lead to a viable mineral deposit.

The analyst concluded that Dryden Gold is delivering on the catalysts outlined in Couloir Capital's initial coverage, with results exceeding estimates for grade and execution timing. Couloir Capital has been retained by Dryden Gold under a service agreement for analyst research coverage, and the principal of Couloir Capital maintains a financial interest in the company's securities through an affiliated fund entity.

Dryden Gold shares last traded at the time of the article at CA$0.38, representing potential upside of approximately 164% to the CA$1.00 fair value target.