Northwestern Ontario Gold Explorer Posts High-Grade Drill Hits and a District-Scale Discovery Corridor
Research Report

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Disclosures for Couloir Capital, Dryden Gold Corp., June 5, 2026

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. This report has been prepared in the English language; any version of this report in German, French or any other language has been translated using artificial intelligence (AI) and has not been independently verified for accuracy. The analyst may have used AI to complete certain sections of this report. Couloir Capital Ltd. assumes no responsibility for any errors or omissions generated by AI or AI translation services. 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 only. 2 The issuer has no control over the content of this report. 3 The views of the Analyst are personal. 4 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. 5 The Analyst does not maintain a financial interest in the securities or options of the Company. 6 The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity. 7 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.

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On June 5, 2026, analyst Ron Wortel, P.Eng., and the Couloir Research Team at Couloir Capital reiterated a Buy rating and CA$1.20 price target on Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQX; X7W:FSE), implying roughly 400% upside from the June 5, 2026 price of CA$0.30, following a string of high-grade drill results at Gold Rock, a maiden discovery at Hyndman, and the closing of a fully funded CA$17.5 million 2026 exploration program backed by senior gold producers.

Gold Rock Discovery Momentum

Dryden continued to expand the scale and continuity of the Gold Rock system during early 2026. On March 2, 2026, Gap Hole 2 (DGR-031) intersected 15 separate gold-mineralized structures across the 600-meter-wide corridor between the Elora and Big Master mine trends, returning 2.64 g/t gold over 2.50 meters at a true depth of 460 meters — the deepest Big Master Zone intersection drilled to date. Additional holes returned 5.03 g/t gold over 7.50 meters (DGR-036) and 5.73 g/t gold over 2.20 meters (DGR-037).

On April 2, 2026, the company announced three more high-grade discoveries that it said validate its evolving 3-D structural targeting model: DGR-048 returned 32.87 g/t gold over 4.25 meters, including 252.00 g/t gold over 0.50 meters at the newly identified Sparrow Zone; DGR-049 intersected 6.51 g/t gold over 4.00 meters at the Ruby zone; and DGR-047 returned 13.08 g/t gold over 3.80 meters at Buccaneer, beneath the historic Big Master Mine. Management noted the results demonstrate potential for multiple stacked high-grade gold shoots similar to Red Lake-style systems across the broader Gold Rock Target Area.

Jubilee Infill Results

On May 12, 2026, infill drilling at the Jubilee target within the Elora Gold System reinforced near-surface continuity. DGR-054 intersected 2.92 g/t gold over 14.50 meters, including 6.79 g/t gold over 5.00 meters, plus 28.80 g/t gold over 0.40 meters and 15.30 g/t gold over 0.60 meters; DGR-056 returned 2.48 g/t gold over 12.65 meters, including 33.50 g/t gold over 0.50 meters; and DGR-053 intercepted 0.73 g/t gold over 9.58 meters.

With 3-D modeling reportedly generating targets with success rates above 60%, the Company is deploying a second drill rig to run concurrent shallow and deep programs ahead of a summer 2026 down-plunge campaign featuring 100-meter step-outs.

Hyndman District-Scale Potential

On April 21, 2026, Dryden reported maiden drill results from Hyndman, located northeast of the Gold Rock Camp and accessible via the Trans-Canada Highway. All six holes intersected gold mineralization, with best intercepts of 7.34 g/t gold over 0.50 meters (DHY-005) and 0.53 g/t gold over 7.80 meters (DHY-002).

The company defined a continuous 12 km by 2.5 km gold-in-till anomaly corridor associated with the interpreted Wabigoon Deformation Zone, staked an additional 12,000 hectares, and is advancing permitting for an aggressive fall 2026 drill program.

Financing and Strategic Backing

A CA$9.6 million upsized equity financing closed May 15, 2026, with participation from senior producers Alamos Gold Inc. (AGI:TSX; AGI:NYSE) and Centerra Gold Inc. (CG:TSX; CADGF:OTCPK). Alamos purchased 2,410,000 charity flow-through shares and now holds 25,413,326 common shares, maintaining a 10.46% stake, while Centerra exercised top-up rights to hold 9.99%; together, the two strategic investors control 20.45% of outstanding shares.

Couloir views this as meaningful validation from established operators with deep technical expertise in Canadian gold systems. Proceeds will fund work across Dryden's roughly 90,000-hectare district-scale land package in Northwestern Ontario.

Capital Structure and Financials

Following the financing, issued and outstanding shares rose to approximately 243.0 million, with fully diluted shares of about 266.8 million (11.5 million warrants and 12.3 million options) and a cash balance near CA$16.2 million. Exercise of all warrants (average price ~C0.18) could add roughly CA$2.1 million.

Reported financials show cash and equivalents of CA$7,447,318, working capital of CA$6,157,948, total assets of CA$14,068,373, and a net loss of CA$3,734,862, or CA$(0.04) per share. The Company carries a market capitalization of about CA$72.9 million, a price-to-book of 4.1, and a year-to-date return of -13.0%.

Valuation and Budget

The CA$17.5 million 2026 budget supports approximately 45,000 meters of drilling, allocated across Gold Rock (CA$10.5 million), the Gold Rock Camp (CA$2.0 million), and regional targets including Hyndman and Sherridon (CA$5.0 million). Couloir's valuation applies a 20% higher-grade premium for visible gold and runs a gold-price sensitivity analysis across US$4,300–US$4,700 per ounce, yielding an average per-share value of CA$1.18 and supporting the CA$1.20 target.

Risks

Couloir rates the perceived risk as High, citing regulatory and permitting hurdles in Ontario (including environmental compliance and Indigenous consultation), commodity price volatility, environmental and social opposition, inherent exploration and geological uncertainty, and operational and financial risks such as cost overruns and access to capital.

Outlook

Couloir reaffirmed its Buy recommendation, pointing to delivery on the catalysts laid out in its prior coverage — including the depth extension at Big Master, consistent Jubilee infill grades, the Hyndman corridor, senior-producer financing participation, the expanded budget and land package, and a larger technical team. The firm recommends the stock to risk-tolerant investors seeking exposure to gold exploration, discovery, and resource definition.