Gold Co. Has Strong Exploration Upside
Research Report

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Disclosures for Couloir Capital, Dryden Gold Corp., June 16, 2025

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 docu- ment 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-specıfıc dısclosures, ıf any, are below:

• In the last 24 months, Couloir Capital has been retained by the subject issuer under a service agreement that includes analyst research coverage.
• The views of the Analyst are
• 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.
• The Analyst does not maintain a financial interest in the securities or options of the
• The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity.
• 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

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• A recommendation or rating, usually BUY, HOLD, or SELL;
• A 12-month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; and
• An overall risk rating which represents an analyst’s assessment of the company’s overall invest- ment 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 invest- ment objectives, risk tolerance, and investment time horizon.

Couloır Capıtal’s recommendatıon categorıes ınclude the followıng:

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 cate- gory 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 cover- age 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 rısk ratıngs

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 appro- priate 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 compa- nies. 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.

COULOIR CAPITALSiUsBaSCreRIsBeEaTrOchRE-SdErAivReCnHinvestment dealer focused on emerging companies in the natural resources sector

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 rapiSdlUy BclSosCeRtIhBeEgaTpObeRtwESeeEnApRrCicHe and fair value. Our research reports are

disseminated through Bloomberg, S&P Capital IQ, Thomson Reuters, FactSet, and large email lists.

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 nuVmabnercoofumvaerrke6t p0a4rti6ci0p9an6ts1c9a0n ra•pidTlyocrloosnetothe4g1a6p 4be6t0we2e9n6p0rice•andadfamir [email protected] are

disseminated through Bloomberg, S&P Capital IQ, Thomson Reuters, FactSet, and large email lists.

RESEARCH DRIVEN

On June 16, 2025, Couloir Capital analyst Ron Wortel issued a Buy rating on Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) with an updated target price of CA$0.65, representing 271% upside from the share price at the time of the report of CA$0.24.

The analyst cited exploration upside, strong asset fundamentals, investor support, and favorable gold price environment as key drivers for the rating.

Recent Developments and Exploration Success

Dryden Gold Corp. has achieved significant exploration milestones at its Gold Rock Project, with drilling successfully extending the Elora Vein strike over 2 kilometers northeast.

The company discovered new parallel structures containing visible gold, highlighted by an exceptional intercept of 301.67 grams per tonne gold over 3.9 meters. Additional visible gold has been identified northeast toward the past-producing Laurentian Mine, with assays currently pending.

The company has secured active exploration permits for its Gold Rock, Sherridon, and Hyndman projects, enabling multi-project exploration activities. Wortel noted that the "permitting success reflects positive local sentiment and supports project scalability."

Strategic and Financial Position

Dryden Gold has strengthened its financial position with a fully funded 2025 exploration program featuring a CA$5.8 million budget that has been expanded to support 15,000 meters of drilling across the Dryden area projects. The company completed its option agreement with Alamos Gold, resulting in 100% ownership of the Dryden land package. Strategic investor Centerra Gold maintains a 9.9% equity stake with top-up rights, which Wortel characterized as "signaling continued institutional confidence."

Financial Performance

As of the first quarter 2025, Dryden Gold reported cash and equivalents of CA$5.3 million and working capital of CA$4.4 million, providing adequate funding for current operations. The company recorded mineral assets valued at CA$8.2 million and total assets of CA$14.2 million. Net loss for Q1 2025 was CA$897,220, or CA$0.01 per share, compared to a full-year 2024 net loss of CA$3.7 million.

Market Conditions and Valuation

The analyst highlighted supportive market conditions, noting that "global uncertainty and tensions support gold market strength." Dryden Gold's share price has demonstrated strong performance, increasing 70% since the initiation of coverage and delivering a year-to-date return of 60.0% compared to the TSXV index.

With 160.4 million shares outstanding and a market capitalization of CA$38.5 million, the company trades at a price-to-book ratio of 4.36. The analyst's fair value estimate of CA$0.65 per share suggests substantial upside potential, though the investment carries a high perceived risk rating.