Major Mining Company Moves to Increase Stake Ahead of Key Exploration Push

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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) said on January 9 that it had increased the size of its previously announced non-brokered charity flow-through financing. Under the updated terms, the company plans to issue 4,350,000 charity flow-through common shares at CA$0.425 per share for gross proceeds of about CA$1.85 million. The company added that no finders' fees will be paid in connection with the offering, which remains subject to TSX Venture Exchange approval.

The charity flow-through shares are structured 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 directed toward eligible exploration expenses defined as "Canadian exploration expenses," "flow-through mining expenditures," and "eligible Ontario exploration expenditures." These costs are expected to be renounced in favor of subscribers by December 31, 2026.

In a separate January 8 release, Dryden Gold said Centerra Gold Inc. had delivered notice of its intent to exercise a top-up right under an investor rights agreement dated December 17, 2024. The top-up is designed to maintain Centerra's 9.99% ownership following share issuances through December 31, 2025, largely related to warrant and option exercises.

CEO Trey Wasser said, "The $1.85 million from the Upsized Offering and $6.14 million in warrant and option exercises in December 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 by Cecilia Jamasmie at Mining.com, gold prices continued higher in early 2026, rising 2.2% to US$4,430 per ounce following geopolitical developments in Venezuela. The move extended a rally that saw gold reach a record US$4,547 per ounce in 2025. Average prices last year climbed 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 pullbacks in gold and silver reflected index rebalancing following strong 2025 gains. Citing Bloomberg, he said that "passive tracking funds are selling precious metals futures... due to last year's blistering rallies." He added that gold still posted its strongest annual performance since 1979. HSBC analyst 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."

John Newell of John Newell & Associates concluded that Dryden was a "Speculative Buy" at CA$0.34.

A January 9 article by Richard Mills of Ahead of the Herd echoed the view, writing that "2025 was the best year for gold since 1979." Mills cited central bank buying, higher ETF inflows, geopolitical uncertainty, and interest rate expectations as drivers. He noted that central banks purchased 1,045 tonnes of gold in 2024, led by Poland, India, and Turkey, and that combined BRICS gold reserves exceeded 6,000 tonnes.

Mills also discussed supply constraints in the sector, citing declining mine output and rising demand from monetary and industrial users. Visual Capitalist data showed that Russia and China had each added more than 1,800 tonnes to their official gold reserves since 2000.

Investment demand remained firm. ING reported that investors added 222 tonnes to gold-backed ETFs in the third quarter of 2025, near the record levels seen in late 2020. Mills also referenced Kitco commentary summarizing Goldman Sachs views that, despite repeated record highs, "American institutional and retail investors have maintained remarkably tepid exposure to the precious metal," which analysts described as a "significant structural opportunity for continued price appreciation."

Looking at monetary policy, Mills noted that the U.S. Federal Reserve cut rates three times in late 2025, bringing them to a range of 3.5% to 3.75%. Analysts at the CPM Group said 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 the company's initial three-hole program at the Mud Lake target delivered early positive results, including "a vein intercept of 43.1 g/t gold over 0.5 meters," and noted that surface sampling returned grades "up to 93 g/t gold" from a high-grade shear zone.

Brien Lundin of Gold Newsletter wrote on December 11 that Dryden's 2025 program had met stated exploration 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 wrote, adding 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 said on December 18 that a major drill campaign had "tripled the size of the core Gold Rock Zone," extending strike, confirming stacked mineralized zones, and reinforcing geological similarities with the Red Lake district. He added that drilling had also delivered encouraging early signs of scale at Sherridon and Hyndman and said confirmation of "periodicity" opened the door to multiple Gold Rock-style deposits. Clark noted he was "overweight Dryden."

¹On December 22, John Newell of John Newell & Associates described Dryden as a district-scale opportunity, writing that it was "uncovering stacked high-grade gold zones across a commanding land position in northwestern Ontario." He cited 301.67 g/t gold over 3.90 meters and historic intercepts of 3,497 g/t over 8.5 meters and concluded that Dryden was a "Speculative Buy" at CA$0.34.

In a January 8 letter, Chen Lin of What is Chen Buying? What is Chen Selling? said that "DRY.v announced continued CGAU support and is doing a financing," adding it "could be a good entry point if you are bullish on the sector and want to get involved." He also confirmed the company would be presenting at his upcoming panel.

Funding in Place for District-Scale Drill Campaign

Dryden Gold said in its January 2026 investor presentation that its exploration budget was fully funded at approximately US$5.95 million.  The company had estimated that more than 23,000 meters of drilling were planned across Gold Rock, Hyndman, and Sherridon However, that exploration budget will now be increased by about $5 million with additional drilling accounting for most of the spend..

At Gold Rock, drilling will continue along the Elora to Big Master trend and test periodicity at Mud Lake. Regional work will also focus on the Hyndman and Sherridon targets, where mapping, channel sampling, and prior drilling outlined broad mineralized structures.

Dryden controls about 70,250 hectares in northwestern Ontario and said charity flow-through financing provides a way to advance exploration while taking advantage of Canadian and Ontario tax incentives tied to qualifying expenditures. 

Ownership and Share Structure¹

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.