Top-Up Exercise Supports 2026 Exploration Growth for Northwestern Ontario Junior

1. Dryden Gold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dryden Gold.
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1. Disclosure for the quote from the John Newell article published on December 22, 2026

1. For the quoted article (published on December 22, 2026), 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) reported on January 9 that it had upsized a previously announced non-brokered charity flow-through financing. Under the revised terms, the company planned to issue 4,350,000 charity flow-through common shares at a price of CA$0.425 per share for total gross proceeds of approximately CA$1.85 million. The company stated that no finders' fees would be paid in connection with the offering, which remained subject to the approval of the TSX Venture Exchange.

The charity flow-through shares are intended to qualify as "flow-through shares" under subsection 66(15) of the Income Tax Act (Canada) and as "Ontario-focused flow-through shares" under the Taxation Act, 2007 (Ontario). An amount equal to the gross proceeds is expected to be used to incur eligible exploration expenditures classified as "Canadian exploration expenses," "flow-through mining expenditures," and "eligible Ontario exploration expenditures." These expenditures are scheduled to be renounced in favor of subscribers on or before December 31, 2026.

In a separate press release dated January 8, Dryden Gold announced that Centerra Gold Inc. had delivered notice of its intention to exercise its top-up right under an investor rights agreement dated December 17, 2024. The top-up notice was provided to maintain Centerra's 9.99% ownership interest in Dryden Gold following share issuances completed through December 31, 2025, which were primarily related to warrant and option exercises.

That January 8 update also disclosed the closing of a non-brokered private placement involving the issuance of 2,350,000 charity flow-through common shares at CA$0.425 per share, for aggregate gross proceeds of approximately CA$998,985. The company confirmed that no finders' fees were paid in connection with this placement and that the proceeds would be used to fund qualifying exploration expenditures under the same federal and Ontario tax frameworks.

Trey Wasser, CEO of Dryden Gold, said in the release, "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 US investor base."

Gold Sector Stays Resilient Amid Volatility and Global Tensions

According to a January 7 report from Cecilia Jamasmie at Mining.com, gold prices continued their upward trajectory in early 2026, rising 2.2% to US$4,430 per ounce following geopolitical developments in Venezuela. The increase extended a 2025 rally during which gold reached a record US$4,547 per ounce. Average prices last year rose 44% year-over-year to US$3,450 per ounce, supported by what the report described as "heightened geopolitical risks, a more dovish Federal Reserve outlook and a weaker U.S. dollar."

On January 8, John Rubino wrote that recent gold and silver pullbacks were the result of index rebalancing following strong gains in 2025. Citing Bloomberg, Rubino noted that "passive tracking funds are selling precious metals futures... due to last year's blistering rallies." While this activity temporarily pressured prices, he highlighted gold's strong annual performance, noting it was its best year since 1979. HSBC's James Steel attributed the rally to a "potent mix of safe haven and risk-off purchases, spurred in part by USD weakness, and policy uncertainty."

A January 9 report from Richard Mills of Ahead of the Herd supported the bullish view, noting that "2025 was the best year for gold since 1979." Mills listed several drivers of demand, including central bank buying, elevated ETF inflows, geopolitical risks, and expectations of continued interest rate cuts. He pointed out that central banks globally bought 1,045 tonnes of gold in 2024, with Poland, India, and Turkey leading acquisitions. The report also stated that the combined gold reserves of BRICS countries exceeded 6,000 tonnes.

Mills also emphasized the structural supply challenges faced by the gold sector, citing falling production and increased demand from both monetary and industrial channels. Visual Capitalist data highlighted Russia and China as the largest official gold accumulators since 2000, with over 1,800 tonnes each added to their reserves.

Investment demand remained a significant factor. According to ING, investors added 222 tonnes to gold-backed ETFs in the third quarter of 2025, nearly matching the all-time high from late 2020. Mills also cited a Kitco summary of Goldman Sachs commentary, stating that despite gold reaching multiple all-time highs in 2025, "American institutional and retail investors have maintained remarkably tepid exposure to the precious metal," which analysts viewed as a "significant structural opportunity for continued price appreciation."

Looking at macroeconomic factors, Mills noted that the U.S. Federal Reserve lowered rates three times in late 2025, bringing them to a range of 3.5% to 3.75%, with additional cuts anticipated. He argued that reduced central bank independence and growing fiscal pressures were supportive of long-term gold demand, with analysts at the CPM Group stating that "reduced faith in the U.S. central bank's independence already is and would continue to be very supportive of gold and silver investment demand."

Third Party Observers Highlight Technical Progress, Strong Targets, and Upside Potential

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

Brien Lundin of Gold Newsletter (Jefferson Financial) wrote on December 11 that Dryden's 2025 activities had met the company's 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 added that 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."

Jeff Clark of The Gold Advisor issued a comprehensive endorsement on December 18, naming Dryden one of his top picks for 2026. He observed that "a major drill campaign has tripled the size of the core Gold Rock Zone, delivering multiple high-grade hits that extend strike, confirm stacked mineralized zones, and strengthen geological parallels with the nearby Red Lake gold district." Clark also pointed to the company's work beyond its flagship zone, writing that "drilling has also delivered encouraging early signs of scale at the Sherridon and Hyndman targets." He highlighted the recent confirmation of "periodicity" across the property, which he said "opens the door to a potential string of Gold Rock–style deposits rather than a single standalone discovery." Noting that shares had risen roughly 120% year-to-date but remained 20% below the September high, he viewed the current price level as an "attractive entry point" and confirmed he was "overweight Dryden."

¹On December 22, John Newell of John Newell & Associates described Dryden as a compelling district-scale opportunity. He emphasized the company's methodical approach, writing that Dryden was "uncovering stacked high-grade gold zones across a commanding land position in northwestern Ontario." Newell cited standout drill results at the Gold Rock Camp, including 301.67 g/t gold over 3.90 meters and historic intercepts of 3,497 g/t over 8.5 meters. He pointed to structural similarities with the Red Lake district and affirmed that the project's "periodicity" supported the potential for multiple mineralized zones across the belt. Newell also noted the strength of Dryden's leadership and technical team and concluded that Dryden was a "Speculative Buy" at CA$0.34.

In a January 8 update, Chen Lin of What is Chen Buying? What is Chen Selling? identified Dryden Gold as a timely opportunity following news of continued support from a strategic investor and the company's announced financing. He wrote that "DRY.v announced continued CGAU support and is doing a financing," and suggested it "could be a good entry point if you are bullish on the sector and want to get involved." Lin confirmed Dryden would be presenting at his upcoming investment panel and included the company alongside other juniors he is monitoring closely in early 2026.

Funding in Place for District-Scale Drill Campaign

Dryden Gold outlined in its January 2026 investor materials that its 2026 exploration budget was fully funded at approximately US$5.95 million, with drilling accounting for the majority of planned expenditures. The company estimated that more than 23,000 meters of drilling were included in the program, targeting its Gold Rock Camp as well as the Hyndman and Sherridon regional areas.

At the Gold Rock Camp, drilling was designed to continue along the Elora to Big Master corridor and to evaluate periodicity at the Mud Lake target through follow-up drilling. Regional programs were also expected to focus on the Hyndman discovery and the Sherridon target, where mapping, channel sampling, and prior drilling had identified broad mineralized structures and high-grade surface results.

Dryden Gold controls a consolidated land package of approximately 70,250 hectares in northwestern Ontario and has reported historic and recent drill highlights across multiple structural zones. Management stated that the use of charity flow-through financing provided a mechanism to advance exploration activities while benefiting from available Canadian and Ontario tax incentives tied to qualifying exploration expenditures. 

Ownership and Share Structure²

According to the company, management and insiders own 5.77%, with strategic entities owning 59.83% of Dryden.    

Centerra Gold Inc. (CG:TSX; CADGF:OTCPK)  holds 9.01%, with  Alamos Gold Inc. (AGI:TSX; AGI:NYSE) holding a 10.79% stake, Delbrook Capital Advisors owns 11.05%, and Euro Pacific Asset Management LLC owns 5.79%. There are 213 million shares outstanding.   

Its market cap is CA$67 million, and it trades in a 52-week range of CA$0.395 and CA$0.105.