Saskatchewan Copper Project Changes Hands Under 100% Earn-In Option

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1. 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 Summit Royalties Ltd.
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1. 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.

Trident Resources Corp. (ROCK:TSXV; TRDTF:OTCQB; 6BP0:FSE) closed its option agreement with Apogee Minerals Ltd. (APMI:TSXV), under which Apogee may earn a 100% interest in Trident's Knife Lake copper project in Saskatchewan.

The agreement, dated July 13, 2026, was completed on September 16, 2026, following Trident's July 14, 2026, announcement of the transaction. Apogee is an arm's-length party to Trident.

Under the agreement, Apogee may earn a 100% interest in Knife Lake by satisfying the required cash payment, share issuance, and exploration expenditure commitments.

The agreement contains provisions limiting Trident's ownership to below 10% of Apogee's outstanding shares and preventing Trident from becoming a reporting insider of Apogee. Any consideration exceeding those limits will be payable in cash.

Apogee will serve as the operator of the property during the option period. The company may accelerate exercise of the option at any time by completing the required payments and exploration expenditures. Apogee may also elect to satisfy any portion of the required exploration expenditures in cash.

All securities issued under the agreement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. No finder's fees were paid in connection with the transaction.

If the option is exercised, Apogee will hold a 100% interest in Knife Lake, subject to existing underlying royalties. Those include a 2.5% net smelter return royalty payable to Summit Royalties Ltd. (SUM:TSXV; SUMMF:OTCQX) and a 1.5% NSR royalty payable to a private individual on certain mineral claims comprising the property.

Gold Faces Rate Pressure as Copper Hits Record Highs

According to a September 22 report from Investing.com, gold edged higher as a sharp retreat in oil prices eased inflation concerns and reduced expectations for further Federal Reserve rate increases. 

ANZ analysts said gold had remained within a relatively narrow trading range as investors weighed the possibility of additional rate increases against improving investment demand. China continued to contribute to that demand, with gold imports reaching 1,000 tonnes during the first eight months of the year. Chinese gold ETFs added approximately 44 tonnes in August, while the People's Bank of China purchased about 20 tonnes during the month.

Bob Moriarty of 321Gold.com said, "If you had gold at 591 meters depth, and you have gold at 613 meters depth, you pretty much have to have gold in between. Their next 43-101 report is going to surprise a lot of people in a good way."

Senior Market Analyst David Morrison cited demand for the U.S. dollar during periods of uncertainty. "The greenback has become the 'go to' haven for investors in times of uncertainty," Morrison said.

Trading Economics reported gold at US$4,316.11 per ounce on September 23. The metal had declined 7.24% over the previous month while remaining 15.50% higher over the preceding year.

Trading Economics described gold as "one of the most widely followed precious metals" and attributed demand to financial markets, jewelry consumption, and industrial use. It also reported that China's gold imports through August had exceeded 1,000 tons, surpassing the country's total for the entire previous year amid strong investment demand.

Later on September 23, FX Street reported that gold extended its intraday decline as continued U.S. dollar buying followed the Federal Reserve's policy outlook. The central bank had raised interest rates for the first time in more than three years at its September meeting and indicated another increase could occur during the year.

U.S. bond yields remained below multi-year highs as lower crude oil prices reduced inflation concerns, according to FX Street. Against those competing factors, the source said gold remained "confined to the weekly range."

FX Street also reported that "momentum indicators are mixed" as gold traded amid U.S. dollar strength, expectations surrounding interest rates, and changes in bond yields.

Moriarty Highlights Deep Contact Lake Gold Intercept

In a statement to Streetwise Reports on September 23, Bob Moriarty of 321Gold.com highlighted initial results from Trident's fully funded 20,000-meter summer drill program at Contact Lake.

"Trident just released the first three holes of their 20,000 fully funded summer drill program at Contact Lake. Hole CL26050 was the most important of the three holes, showing a high-grade zone of 8.69 g/t gold over 11.97 meters. That's an excellent 104 gram/meter hole by itself. Of far more importance, it was the first deep hole drilled below the Main Zone. That is 220 meters below the lowest mine working."

Moriarty continued, "So if you had gold at 591 meters depth, and you have gold at 613 meters depth, you pretty much have to have gold in between. Their next 43-101 report is going to surprise a lot of people in a good way."

Exploration Programs Move Forward Across Saskatchewan Projects

At the Reindeer property, Trident completed a radiometric and magnetic survey covering more than 6,600 line kilometers across the entire 29,300-hectare property. The resulting high-resolution dataset will be used to delineate lithologic boundaries and geologic structures that could host undiscovered gold deposits.

Work is also continuing at Contact Lake through a drone magnetic survey using 25-meter spacing. The survey will cover eight square kilometers surrounding the former mine and an area containing intersecting shear structures accompanied by gold-in-soil and gold-in-rock anomalies.

Trident had collected and sent 7,000 soil samples for analysis across Contact Lake and the adjacent Preview project. Trident plans to combine the surface results with magnetic and existing drill data to understand the controlling structures and locate near-term drill targets.

Drilling provides another ongoing work stream at Contact Lake. More than 11,000 meters had been completed toward an anticipated 20,000-meter summer program. The drilling is focused on extending known high-grade mineralization at depth and along strike.

Trident is also conducting a 9,000-sample soil program covering Contact Lake and the adjacent Preview Project. At Preview, soil grids are designed to cover areas along the mineralized trend between the Preview SW and Preview North deposits. The program also covers the area southwest of Preview SW, where existing magnetic data outlines exploration targets.

The company's presentation described Preview SW, Preview North, and North Lake as road-accessible and open along strike and at depth. It also described the Greywacke Lake Gold Project as road-accessible and open along strike and at depth.

Trident's broader La Ronge Gold Belt position encompasses approximately 98,700 hectares. Its presentation reported a regional land position of approximately 160,300 hectares across northern Saskatchewan.

Assay results from the company's 20,000-meter summer and fall drill programs were among the developments identified by Jonathan Wiesblatt for the remainder of 2026.

"Looking ahead, shareholders can expect a steady stream of catalysts over the remainder of the year, including assay results from our 20,000-meter summer and fall drill programs," Wiesblatt said.

Ownership and Share Information¹

Trident Resources Corp. has a market cap of CA$173.01 million, with 41.05 million shares outstanding. The company's 52-week range is CA$0.71-CA$4.70.

Institutions own 5.53% of shares, with management and insiders owning 3.59%. The rest is held by retail.