Dryden Gold Corp.

[laughs] Good morning, everyone. So I'd like to first just take a moment: back in Canada, it is Truth and Reconciliation Day, so we'll just take a moment and honor the First Nations that we are working with in Dryden region. We're very lucky to be able to collaborate with them. We've worked very hard to have best practices and exploration programs in our region. So we'll just take a moment for that. Also, I'm a geologist, so I will always make forward-looking statements and talk about what could be here in our district.

So who is Dryden Gold? Well, we're an early-stage exploration company. What makes us unique is we have an area with amazing infrastructure that has seen very little exploration. So it's really quite greenfields, but not with a greenfields price tag of helicopter exploration or any of that. We actually have roads, and I can drive my pickup truck to all of our exploration targets. Our team is made up of like-minded individuals, where we believe the best bang for our shareholder buck is to make a discovery and M&A activity or transaction at the end.

Take a look quickly at our team. So Trey Wasser, our CEO, you may recognize his name from Ely Gold Royalties. He took that company from the exploration side into the royalty model because he saw great value in the properties they’d put together, and I’d say he’s kind of like our resident land man. And really one of the reasons why Dryden Gold has come together is because this area was always piecemeal ownership, and we took the time to put together a district-scale property, and that was really Trey’s vision here.

I’m the president. I’m a geologist by background. I’ve worked in this neck of the woods my entire career for about the last 20 years, so I’m really familiar with this area. It helps us to have low costs for our exploration because I know everyone here. Our VP of exploration, Anna Hickins, who’s in the room, she worked with me in the Red Lake camp for many years, so we’re very familiar with this type of geology and this environment. Our board is made up of some really sharp individuals: Jason Jessop, who had actually worked on this project before and brought it to Trey’s attention, Gary Bassuk, and then we have a great suite of geologic advisors, Darren Wagner, Christina McCarthy, Steve Kenwood, and Ben Freiman, who’s from the Colorado School of Mines.

If you look here quickly at our shareholder base, we have two strategic investments, one from Alamos Gold and the other Centerra Gold. I think it’s unique for a small junior like us to actually have two strategic investments, and I think it speaks to the quality of the project that we have, as well as the big potential that we have on the property. You can take a look also at our share structure there. We have some outstanding warrants that are about to expire here on Friday, so that’s great. We will have that overhang lifted. I think that’s really put a little bit of pressure on the stock over the past few months. So we anticipate with all the news flow that’s coming things to be a little brighter on that side of things.

We also have some other great shareholders. Delbrook Capital is one of our large shareholders, Euro Pac Gold Fund, Sprott, Rob McEwen. The list kind of goes on, and it’s a who’s who of investors in this space.

So let’s look at where we are. So we’re in Northwestern Ontario, basically north of Minnesota, an hour from the US-Canadian border. We’re also near a lot of great gold districts, so just south of the Red Lake mine, where there’s been 30 million ounces produced, and the Great Bear project from a few years back is located. We’re also near the Rainy River mine, which is actually now owned by Core Mining. So this area is high-grade Archean gold. We have some historic mining on the camp, but all of that was done really shallowly, early 1900s, horse and buggy pulled out, and discovered by things that outcropped on surface. So that’s a bit unique for us as well. We don’t have a lot of cover here in our area. But we do feel there’s an opportunity for exploration at depth, although we’re simply just scratching the surface at this point.

So let’s take a closer look at our land package. So it’s very strategically put together. We’re covering the two major structures in the region. So from the northeast corner of the property to the southwest, there’s a major structure, which we believe is the main gold-controlling feature in this camp. As well, there are more east-west structures, and we have a nice select portion of that that goes along the Trans-Canada Highway. Again, great infrastructure.

One other thing that sets us apart is that we’re really true geologists. Anna and myself, we worked for Gold Corp for many years, so we’ve set this company up the way a major company would. We do oriented core on all of our drill holes. We’re collecting geochemical data, really so we can understand the controls of mineralization here and be more successful with a drill bit. We’ve also done smaller rounds, integrating the data into every round of drilling, and we have a low all-in cost. So I’m talking with our $5 million regional exploration and all of the drilling we’re doing this year, we’re sitting at $330 per meter Canadian all in. So that’s quite low, especially with all of the regional work we’re doing.

We have a two-pronged approach to our exploration strategy. So we have a large land package. It’s nearly 90,000 hectares. So that, for size scale, is about the same size as the five New York City boroughs, plus a little extra. And this really is a district-scale opportunity. So we can’t forget about that regional component.

We also have our flagship. That’s where the historic mining in this camp took place. It has very high-grade gold. The picture on the slide right now shows 53,000 grams per ton over half a meter. You just don’t see that kind of gold unless you’re in a significant system, and that’s one of the reasons I got excited and joined the team was because I’d spent eight years in Red Lake Camp, and you just don’t see that kind of high-grade gold unless you’re somewhere significant. So I wanted to have the chance to unlock the secrets of the high-grade gold here and really start to grow it. That’s our flagship. That’s where about 60% of our budget is going. Really, we’re pre-resourced, but we’re really expanding that footprint so much that it’s hard to tell when a resource would be appropriate. We also have some very interesting regional targets. That entire package is great, but we’ve already done some work at Hinman and Sheridan, and I’ll speak about Hinman later in the slides.

So let’s take a look at this regional component. Last year, we completed a property-wide till substrate program. On the one side, you’re looking at gold, the other side, you’re looking at the arsenic anomalies. So we were very pleased to see our original thesis that the Manitoujan-Orick, or the northeast-southwest trending structure hosted lots of gold anomalies. But a very pleasant surprise to us was just how many gold anomalies were also on that east-west trending structure right off the Trans-Canada Highway at Hinman. We actually had a 12-kilometer by 3-kilometer corridor of gold anomalies there, so very exciting.

And what’s interesting as well is that it has a different chemical signature than the main structure on the Manitoujan-Orick deformation zone. So you can see on the other map there with the arsenic anomalies, the main deformation zone is quite tied to arsenic, so when you see arsenic anomalies, you’ll also see gold. But at Hinman, there is no arsenic component. It is not tied to that at all. So definitely a different style of mineralization we’re looking at there. And we have had field crews out all summer working on this to further this target for exploration, or for drilling exploration this fall, winter.

So now let’s take a look at our flagship area, and Gold Rock Camp is kind of the larger scale footprint of this. As I mentioned, I spent lots of time in Red Lake, so I see a lot of correlations between the two systems. I’ve got a cartoon here, and I think this really boils down to the simplicity of why it looks so similar. You have the fold architecture with the faults intersecting that. That creates excellent traps for high-grade gold mineralization. And what it really takes is the patience and work to unlock those controls and then target gold successfully. We have a lot of similarities to that camp. As well, if you look at the other map there, you see kind of the overall picture. So the geologic footprint, very, very similar, and we have multiple targets on this trend. What we’ve got the 60% going into is Gold Rock itself, but we do have targets like the Mud Lake North, which I’ll talk about in a second, and Dubloon, where we are doing regional mapping and exploration to prepare those for drilling.

So let’s take a closer look at the Gold Rock kind of main target area. Now, what’s interesting is that if you talked to me two years ago and we looked at this map, you would have only seen three mineralized structures here because the predecessors that drilled here, about 30,000 meters on the entire property, had focused solely on gold in quartz veins. So they were very selective about the way they sampled the rocks, and as we came in, we wanted to do complete sampling and complete geochem to really understand what other possibilities could be here. So we went from having three mineralized structures to now 15 through this drill campaign that we’ve completed to date. And it’s really grown quite a lot on strike as well, and we’re working on the depth component right now, so more to come on that. On the other side is our 3D model of the three main zones that have the most drilling from predecessors and ourselves, and you’re welcome to take a look and spin that around in 3D on MiningHub. We have all our data there, so it’s kind of a good way to investigate what we’re actually up to.

So let’s take a look at those three major long sections here. And what I want to kind of tease here is that we’ve done a lot of the deeper drilling over the summer. We ramped up to two drills on-site so that we could really start to target the plunge component of the deposit and understand the controls even better. So what will be coming out over the next coming weeks and months will be some of these drill holes at depth. But last week we put out news with one of the holes on Jubilee, expanding that between the Jubilee target and Pearl, that’s on the Elora mineralized structure, and that was almost eight grams over almost 13 meters. So we are seeing some very nice growth on strike as well.

Taking a closer look at the Gold Rock target area again, this is just another view with some of our highlights. We were very excited with our approach to complete sampling when we discovered new high-grade zones parallel like the Hanging Wall Four and Three, where we had 300 grams per tonne over almost four meters and 55 over three and a half. So some really nice high-grade mineralization here, which really helps the geometries. When I first started looking at this, I thought, “Okay, we will have to be extremely good at predicting high-grade gold because we have three different targets and we’re gonna have to find the high grade within that for underground mining.” As we’ve progressed this, there does look to be a sense that we could do an open pit here, especially as we have more and more parallel zones in the same footprint.

We’ve also extended this on strike. We have not cut this off, so this is three kilometers now that you’re seeing on this map, and still a lot more work to do shallowly. Most of the drilling here is about 100 to 150 meters true depth from surface, so there’s a lot of opportunity to continue to grow this at depth. And we have a neighbor called NexGold. They have a three-million-ounce resource at one gram, both with open pits on their two deposits there. Their model goes down to about 300 meters with those open pits, so a lot of potential for us to explore in this region and different ways to mine this beast.

Now let’s take a look at the Gold Rock Camp. So this is zooming out. We’ve been looking at the center target there, Gold Rock. We see a geophysical anomaly pop up right over top of that. We have geophysical coverage over the entire property here, which is pretty incredible, done by the Geologic Survey of Ontario. Now, we see a very similar anomaly to the north at Mud Lake and another similar anomaly to Dubloon. Last summer, we spent quite a bit of time mapping and working on the Mud Lake target area, and I’ll get to it in a second, but we just announced some visible gold from our very first drill program on that particular target.

Why are we so excited about this? Well, Gold Rock looks great. We’re definitely growing kind of a pre-resource there, but I think this could be really big. If you look at Red Lake, for example, that is almost 30 million ounces mined between three mines. Well, we have three targets here. They all look very similar geophysically. Could we have something similar? Could this be really significant? And that’s kind of what we think is another catalyst for this year.

And from news that we put out about a week and a half or two weeks ago, our very first drill program, hole three, we saw visible gold here at Mud Lake. So this ties really well into the mapping we did last summer. We did a small drill program to the south, found some of the narrow veins that hosted some high grade, but very narrow gold. Now, our mapper found a jog in the structure and the mineralization, and that’s where we’re targeting this and it’s nice to see some visual indicators of success so far. So more to come on that. We just completed 2,000 meters on this target for the first pass on this one.

So I wanted to go back to regional exploration. I’m sorry, I should have a slide here to show you where Hinman is. Hinman is that area I was talking about before where that lit up like a Christmas tree with the gold anomalies from our till program. So this is on the far east side of our property. The TransCanada Highway runs right through the southern portion of this. We have also going through the property natural gas, electrical lines, the railway. So this is great infrastructure. You couldn’t really ask for a better place to make a discovery.

Now in 2023, we found a grab sample here that was 13 grams per ton. Now, the soil anomaly corridor is quite impressive and really exciting too. So this summer, we’ve had field crews out since snow left, and we are still out there today doing more work to prep this for a drill program. But the anomaly corridor here really shows something significant. We’re very excited about the potential discovery here at Hinman and getting drilling here this fall. I don’t think I mentioned this, but all of our target areas are permitted, and this area, we have expanded the permit now. We’re just waiting for that to come back in. But a very exciting fall for us as we get to go out and test this and start to see some of the field work come back.

We do have some of the early field work that started back in June as soon as the snow lifted, and some of those results are already very promising. We had 31 grams per ton here, 18, 5. This is just following up one of the till anomalies where we did find outcrops and started to understand this. What’s also really cool about these results, this looks very different than the initial discovery. The initial discovery, when we prospected, was found on a granodiorite contact, with 13 grams per ton right on that, and we followed that up with 26 over three when we did a channel sample. Now, this is hosted within the mineralized basalts and the mafic flows. So it’s more to the story, showing multiple different types of systems on Hinman. So we’ll gather all of the data and really put together a good program for our drill campaign.

One thing that I think sets us apart and the reason why we have the strategic investment from both Centerra and Alamos is really the resource pipeline here. Being that we have 90,000 hectares, we have targets from every scale into that early resource definition that we’re working on at Gold Rock. So I think it shows a long-term camp here, and we only hope someday we could be the next Timmins of Canada. So something like that is really what we’re after and showing the true potential of the Dryden District.

We are fully funded for the year. We have $17.5 million exploration budget. I did notice a typo in this, so it’s actually 5 million that’s been spent so far at Gold Rock, so I apologize. I noticed that the other day. But so we’re about halfway through our exploration campaign. We’ve gotten about a little over 20,000 meters. We’ve got 45,000 meters planned for this year, so a very aggressive program. We’ve got about a quarter of that actually released, so look for lots more news flow over the coming months as we have had a very aggressive summer campaign and have a lot more to come. So we’ll continue to have new and exciting highlights.

So I hope that was a good overview of Dryden Gold. There’s a lot more on our website if you wanna dive in deeper to any of our targets. We have other regional exploration targets as well that are quite interesting. But our team is a little bit different. I’m the president, and I actually live in Dryden. We spend about 80% of our budget has always gone into the ground. We don’t have a corporate office. We spend our time here at site. We’re true explorers. So I really appreciate your time today, and if you have any questions, be happy to answer them.

Any question from the room? So maybe we can start with a bit more detail on the 2027 exploration plan, and so you have a resource pipeline that’s, you have phased plan because you have large land package and you have to pace yourself. [laughs] So maybe start with some near-term catalyst and going forward into the resources.

Yeah, absolutely. I often get asked, “How do you balance it all with such a large portfolio of different exploration targets?” Well, our team at site is focused completely on Gold Rock, growing that, so we’re not distracted with all of these other great flashy things. And then we hand select some great consultants that Anna and I have worked with in the past that are doing the mapping programs and pushing those forward. We have one geologist that also coordinates with them on site. So we’re really well-focused. We keep that key goal in mind of growing Gold Rock and kind of being pre-resourced.

Now, to your other part of the question with the resource pipeline, I think it’s very, very important to have a full pipeline of targets because often us geologists, we fall in love with a target, and we will keep kicking a dead horse, so to speak. So you need to be able to know when something isn’t meeting expectation and put it on the sidelines and go to your next target. So I think it’s very important to have a healthy list of exploration targets, be constantly re-rating and ranking those targets. And it’s not just gold grade or size of the prize. Social license is extremely important in Canada, so you wanna look at that. You wanna look at the logistics, the price tag of how much it’ll take to explore this as well, ’cause all of that goes into whether it’ll truly be economic in the end.

Okay. Thank you, Maura. Yeah. Thank you. [applause]