Target Price Raised on Junior Gold Miner
Research Report

1. Dryden Gold Corp., NexGold Corp., and West Red Lake Gold Mines Ltd. are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dryden Gold Corp., NexGold Corp., and West Red Lake Gold Mines Ltd.
3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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

DISCLAIMER 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. 2 The views of the Analyst are personal. 3 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. 4 The Analyst does not maintain a financial interest in the securities or options of the Company. 5 The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity. 6 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

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Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) had its target price updated to CA$0.65 per share by Couloir Capital "based on our expectations for the development of the resource's target potential from the current planned 2025 drilling program," reported Senior Mining Analyst Ron Wortel in a June 16 coverage update, referring to and after a site visit to the explorer's now 100%-owned Gold Rock project in Northwestern Ontario's Dryden Gold District.

"We continue to recommend Dryden Gold to risk-tolerant investors looking for exposure to gold exploration, discovery, and resource definition," Wortel wrote. "We are continuing our recommendation of the stock with an increased share price target for this year's work and our expectations of continued success as [the company] moves the project pipeline forward."

271% Uplift Possible

Compared to the new CA$0.65 per share target, Dryden was trading at about CA$0.24 per share at the time of Wortel's report, the analyst noted. Since Couloir Capital initiated on the Canadian explorer, the latter's share price increased 70%. The new target implies a potential return for investors of 271%.

Dryden remains a Buy. The company has 160.36 million shares outstanding and a CA$38.49 million market cap.

Three More Permits in Hand

Wortel discussed many of Dryden's developments over the recent months.

"The company is delivering on the catalysts we presented in our initiation report on the company, with results that are exceeding our estimates on timing for execution of their plans," he wrote.

The junior miner obtained three new exploration permits to conduct further work at Gold Rock, specifically in the Gold Rock Extension, Hyndman and Sherridon areas. This achievement reflects local and regulatory support, noted the analyst, as well as project scalability.

At Sherridon, Dryden now may drill where past surface samples showed up to 617 grams per ton gold (617 g/t Au) and plans to drill 1,000–2,000 meters (1,000–2,000m) there this year, supported by new geological models and three-dimensional studies. At Hyndman, field crews are about to commence detailed mapping and channel sampling in advance of future drill testing of multiple unexplored geophysical anomalies.

In conjunction with ongoing mapping efforts, Dryden launched a comprehensive soil and till sampling program over most of its 70,250-hectare land package, noted Wortel. This will support the junior miner's regional exploration pipeline and increase its chances of making a new regional discovery.

2025 Exploration Successes

Earlier this year, Dryden commenced a CA$5.8 million, 15,000m drill program to expand known mineralized zones at Gold Rock and to test new high-potential targets, including Sherridon, Hyndman and Mud Lake, reported Wortel. Because the campaign is proceeding more quickly than estimated, the company intends to announce and do further work this year at the project to advance it further.

The analyst wrote that initial drill results and grades were better than expected. New drill data extended the Elora vein strike over 2 kilometers (2 km) to the northeast. Drilling led to the discovery of new parallel structures with visible gold and high-grade gold, including the remarkable intercept, 301.67 g/t Au over 3.9m, including 1,930 g/t Au over 0.6m. This represented a newly intersected hanging wall. The intersection extended the mineralized system to depth and laterally, and Dryden will follow it up.

"We believe the area can deliver more high-grade gold results and see this as a value addition to our model," Wortel wrote.

Through its geoscience approach, including data collection and analysis, the team recently uncovered a third gold-bearing structural trend, named the D3 structure, and integrated it into targeting and drill testing.

Last year, Dryden started and is continuing a program of relogging core to identify unknown mineralization and improve targeting throughout the property. More work in this regard this year "could lead to meaningful exploration results, boosting project value and investor returns," wrote Wortel.

Strategic Investors

In April, Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) made a top-up investment in Dryden to maintain its 9.9% equity stake, a move indicating ongoing institutional confidence, the analyst wrote. Also that month, the government of Ontario granted Dryden CA$200,000 through its Ontario Junior Exploration Program that aims to promote exploration by junior explorers in the province. Dryden will apply these funds toward exploration at Gold Rock. Further, Couloir Capital provided additional funding this year by exercising 25% of Dryden's CA$0.30 warrants.

Dryden completed its option with Alamos Gold and now owns 100% of the Dryden property, but Alamos retains a 1% net smelter returns royalty. Alamos, its largest shareholder, owns 14.44% of Dryden.

In addition to Alamos with 14.44% and Centerra with 9.9%, as of May 23, management and insiders held 7.56%. Other strategic investors include Eric Sprott with 2.49% and Robert Quartermain with 0.62%.

Dryden is benefitting from the gold market as global uncertainty and geopolitical tensions are lifting the metal's prices to record highs, Wortel noted. At the time of his report, the spot gold price was US$3,400 per ounce.

"The support in the market, with an increased share price, top-up financing by Centerra Gold and support of the local community to receive their permits and funding, shows that Dryden Gold is a story of interest in the junior exploration sector," the analyst commented.

Getting Its Story Out

Wortel reported that Dryden is continuing its outreach and marketing efforts. For instance, it attended the recent 121 Mining Investment event in New York. Dryden engaged Bunt Capital Corp., a full-service marketing and consulting services firm specializing in the junior metals and mining sector, for an initial six-month term.

Dryden retained Concept Capital Management Ltd., too, also for six months, to develop an extensive European marketing strategy for it.

On the Horizon

Near-term catalysts for Dryden, expected to happen on an ongoing basis, Wortel outlined, include additional drill results from the 2025 season at Gold Rock and regional exploration results and any consequential discoveries. Other catalysts include future investor outreach events and programs and further funding through significant investors.  

What Neighbors Are Doing

In his report, Wortel shared the progress other companies in the northwestern Ontario gold exploration district, home of the Red Lake camp, are making at their respective projects.

NexGold Mining Corp. (NEXG.V:TSXV; NXGCF:OTCQX; TRC1.F:FRA) raised CA$10 million in a bought deal financing and announced its 2025 plans for the Goliath project, including a feasibility study expected in H1/25. Right now it is drilling 25,000m there.

Heritage Mining Ltd. (HML:CSE) is drilling new targets on its property to the northeast, along the trend past NexGold.

Kenorland Minerals Ltd. (KLD:TSX.V; KLDCF:OTCMKTS; 3WQO:FSE) finished drilling 28 holes over 14,363m at its south Uchi project under option to Auranova Resources Inc. The target was an 8 km x 3 km area of strong gold in till.

Dynasty Gold Corp. (DYG:TSX.V) announced a 5,000m drill program to upgrade the resource estimate of its Pellham zone deposit and follow up on a discovery south of Pellham where it hit 22.5m of 0.8 g/t Au.

West Red Lake Gold Mines Ltd. (WRLG:TSX.V; WRLGF:OTCQB; FRA:UJO) announced plans to restart its past-producing Madsen mine.