Dryden Gold Closes Option Agreement for Lost Lake Property

Rhea-AI Summary

Dryden Gold (TSXV: DRY, OTCQX: DRYGF, FSE: X7W) received TSX Venture Exchange approval to file an option agreement dated June 29, 2026 with Orebot to acquire a 100% interest in the Lost Lake Property, comprising 122 mineral claims in the Gold Rock Mining Camp, Northwestern Ontario.

Following approval, Dryden Gold closed the initial tranche, paying $10,000 in cash and issuing 25,000 common shares at a deemed price of $0.21, subject to a four‑month‑plus‑one‑day hold period. To complete the option, the company may pay a further $40,000 cash and issue 50,000 shares on or before the first anniversary, and $50,000 cash plus 50,000 shares on or before the second anniversary.

After option exercise, Orebot will hold a 3% net smelter returns royalty, of which Dryden Gold can buy back one‑half for $1,000,000. The company reports no other royalties on the Property.

Positive

• TSXV approval for Lost Lake option agreement with Orebot
• Initial tranche closed with $10,000 cash and 25,000 shares
• Right to earn 100% interest in 122-claim Lost Lake Property
• Staged payments over two years limit upfront cash outlay
• NSR buyback right: one-half of 3% NSR for $1,000,000
• No other outstanding royalties reported on the Property

Negative

• Potential 3% NSR royalty on future production from Lost Lake
• Equity dilution from 25,000 shares now and up to 100,000 additional shares
• Cash commitments of $40,000 and $50,000 over the next two years

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Vancouver, British Columbia--(Newsfile Corp. - August 18, 2026) - Dryden Gold Corp. (TSXV: DRY) (OTCQX: DRYGF) (FSE: X7W) ("Dryden Gold" or the "Company") announces that, further to its news releases dated July 6, 2026 and August 12, 2026, the TSX Venture Exchange ("TSXV") has approved for filing the Company's option agreement with Orebot Inc. ("Orebot"), an arm's length party, dated June 29, 2026 (the "Agreement"), to acquire a 100% interest in the Lost Lake Property (the "Property"), comprised of 122 tenured mineral claims located in the Gold Rock Mining Camp in Northwestern Ontario.

Following receipt of approval, the Company has closed (the "Closing") the initial tranche of consideration pursuant to which the Company has made a cash payment of $10,000 to Orebot and issued 25,000 common shares of the Company (the "Initial Consideration Shares") at a deemed price of $0.21 per share The Initial Consideration Shares are subject to a hold period expiring four months and one day from the date of issuance.

Pursuant to the Agreement, the Company may earn its full 100% interest in the Property by making the following additional payments to Orebot:

(a) on or before the first anniversary of the effective date of the Agreement, a cash payment of $40,000 and the issuance of 50,000 common shares; and

(b) on or before the second anniversary of the effective date of the Agreement, a cash payment of $50,000 and the issuance of an aggregate of 50,000 common shares (the "Option Exercise").

Following the Option Exercise, the Company will grant Orebot a net smelter returns royalty of 3% (the "NSR") on the Property, payable after commencement of Commercial Production. The Company will have the right, at its sole option and at any time, to acquire one-half of the NSR from Orebot for a cash payment of $1,000,000. There are no other outstanding royalties on the Property.

ABOUT DRYDEN GOLD CORP.

Dryden Gold is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSXV ("DRY") and traded on the OTCQX ("DRYGF") and FSE ("X7W"). The Company has a strong management team and Board of Directors comprised of experienced individuals with a track record of building shareholder value through property acquisition and consolidation, exploration success, and mergers and acquisitions. Dryden Gold controls 100% interest in mining claims in a dominant strategic land position in the Dryden District of Northwestern Ontario. The property hosts high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. The property has excellent infrastructure, enjoys collaborative relationships with First Nations communities and benefits from proximity to an experienced mining workforce. Dryden Gold is committed to building respectful, collaborative relationships with Indigenous Nations and communities throughout our area of operations. We recognize the importance of ongoing dialogue, mutual understanding, and meaningful engagement as we advance our exploration activities.

For more information go to our website www.drydengold.com.

CONTACT INFORMATION

Trey Wasser, CEO
Email: twasser@drydengold.com
Phone: 940-368-8337

Ashley Robinson, Director of Corporate Communications
Email: ir@drydengold.com |
Phone: 604-764-7493

Maura Kolb, M.Sc. P. Geo., President
Email: mjkolb@drydengold.com

Social: Linktree
Website: www.drydengold.com

Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: receipt of corporate and regulatory approvals, issuance of common shares; future development plans; and the business and operations of Dryden Gold. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings including receipt of TSX Venture Exchange approval for the offering; risks related to environmental regulation and liability; the potential for delays in exploration or development activities; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in Dryden Gold's and the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward--looking statements. These forward-looking statements are made as of the date hereof and Dryden Gold and the Company do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Dryden Gold's and the Company's expectations or projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/310267

FAQ

What did Dryden Gold (OTCQX: DRYGF) announce about the Lost Lake Property option?

Dryden Gold announced TSX Venture Exchange approval and closing of the initial consideration tranche for its option to acquire 100% of the Lost Lake Property. According to Dryden Gold, the option covers 122 mineral claims in the Gold Rock Mining Camp, Northwestern Ontario.

What are the payment terms of Dryden Gold’s option agreement with Orebot for Lost Lake?

The option involves an initial $10,000 cash payment and 25,000 shares, then $40,000 cash plus 50,000 shares by the first anniversary, and $50,000 cash plus 50,000 shares by the second anniversary. According to Dryden Gold, these payments allow it to earn a 100% interest.

How does the 3% NSR royalty to Orebot affect Dryden Gold’s Lost Lake project?

Following option exercise, Orebot will hold a 3% net smelter returns royalty on the Property, payable after commercial production begins. According to Dryden Gold, the company may buy back one‑half of this NSR for $1,000,000, and reports no other royalties.

How many Dryden Gold (DRYGF) shares were issued for the initial Lost Lake consideration and at what price?

Dryden Gold issued 25,000 common shares at a deemed price of $0.21 per share as part of the initial consideration. According to Dryden Gold, these Initial Consideration Shares carry a hold period of four months and one day from issuance.

When can Dryden Gold complete the option exercise for 100% of the Lost Lake Property?

Dryden Gold may complete the option by making scheduled cash and share payments on or before the first and second anniversaries of the agreement’s effective date. According to Dryden Gold, satisfying these conditions allows it to earn a full 100% interest.

Where is Dryden Gold’s Lost Lake Property located and what does it comprise?

The Lost Lake Property is located in the Gold Rock Mining Camp in Northwestern Ontario and comprises 122 tenured mineral claims. According to Dryden Gold, the Property is being acquired via an option agreement with Orebot, an arm’s length party.

Does the Lost Lake Property have any royalties other than Orebot’s NSR for Dryden Gold?

Dryden Gold reports that, following the option exercise, Orebot will hold a 3% net smelter returns royalty on the Property. According to Dryden Gold, there are no other outstanding royalties on the Lost Lake Property.