Dryden notes Centerra top-up, outlines 2026 plans

Executive Summary

• Dryden Gold Corp. announced a non-brokered private placement of 2.35 million charity flow-through common shares at 42.5 cents per share, raising approximately $999,000 in gross proceeds.
• Centerra Gold Inc. issued a notice of intention to exercise its top-up right under the Investor Rights Agreement (IRA) to maintain its 9.99% interest, triggered by recent warrant and option exercises completed through December 31, 2025.
• The company outlined an intensified 2026 exploration program, with drilling budgets increasing by 75-100% and an estimated 23,000 to 25,000 meters of drilling planned across multiple targets including Gold Rock, Hyndman, and Sherridon.

Key Details

• Private Placement Details:
  • Issued 2.35 million charity flow-through common shares (CFT shares).
  • Price: 42.5 cents per CFT share.
  • Aggregate Gross Proceeds: $998,985.
  • No finders' fees were paid.
  • Shares qualify as flow-through shares under the Income Tax Act (Canada) and Ontario Tax Act.
• Use of Proceeds:
  • Gross proceeds will be used to incur eligible resource exploration expenses.
  • Expenditures will qualify as Canadian exploration expenses, flow-through mining expenditures, and eligible Ontario exploration expenditures.
  • Qualifying expenditures will be renounced in favor of subscribers effective on or before December 31, 2026.
• Centerra Gold Top-Up Right:
  • Centerra Gold Inc. issued notice of intention to exercise its top-up right under the IRA dated Dec. 17, 2024.
  • Purpose: To retain its 9.99% interest in Dryden Gold.
  • Trigger: Share issuances related to warrant and option exercises completed through Dec. 31, 2025.
  • Subject to approval of the TSX Venture Exchange.
• 2026 Exploration Plans:
  • Drilling budget increase: 75% to 100%.
  • Estimated drilling volume: 23,000 to 25,000 meters.
  • Regional exploration and fieldwork budgets also increased.
  • Specific Targets:
    • Gold Rock: Continue to grow target area testing strike length and hanging wall structures from Elora to Big Master.
    • Mud Lake: Test for periodicity or repetition on strike with follow-up drilling.
    • New Anomaly: Follow-up drilling at a newly identified anomaly to the south.
    • Hyndman: Drill-test the regional discovery.
    • Sherridon: Follow-up drilling and continue development of the deposit model.
    • Regional: Interpret property-wide soil-till program to identify new regional targets.
  • Land Package: 70,000 hectares in the Dryden district of Northwestern Ontario.

Notable Quotes

• "The proceeds from the offering and from the warrant and option exercises will be used to significantly expand Dryden Gold's 2026 exploration program on its district-scale property in Northwest Ontario. We will also be increasing our marketing efforts, focused on the strong U.S. investor base. I am very excited about the gold business and Dryden Gold in 2026." — Trey Wasser, Chief Executive Officer