Dryden Gold Corp Makes Final Property Payment to Alamos Gold

Rhea-AI Summary

Dryden Gold Corp (TSXV: DRY) has completed its final property payment to Alamos Gold Inc (NYSE: AGI) under their Option Agreement dated April 20, 2022. The payment consisted of $1,000,000 in cash and 8,568,980 common shares valued at $0.1167 per share, fulfilling the remaining $1,000,000 obligation for the Dryden Property in Northwest Ontario.

The company has also completed the required $1,400,000 in work commitments on the property. As a result, Dryden Gold now owns 100% interest in the Dryden Property, subject to a 1% Net Smelter Returns royalty to Alamos.

Following the share issuance, Alamos's ownership in Dryden Gold has increased from 9.58% (14,434,346 shares) to 14.44% (23,003,326 shares), making Alamos the largest single shareholder of Dryden Gold.

Positive

• Acquired 100% ownership of Dryden Property in Northwest Ontario
• Completed all financial obligations ($2M) and work commitments ($1.4M)
• Strategic investment from major mining company Alamos Gold (14.44% ownership)

Negative

• Share dilution of approximately 5% due to new share issuance
• Ongoing 1% NSR royalty obligation to Alamos Gold

Vancouver, British Columbia--(Newsfile Corp. - March 18, 2025) - Dryden Gold Corp. (TSXV: DRY) ("Dryden Gold" or the "Company") is pleased to announce that it has notified Alamos Gold Inc. ("Alamos") (NYSE: AGI) that the Company has fulfilled its remaining obligations under the Option Agreement, dated April 20, 2022, between Dryden Gold and Manitou Gold Inc., a wholly owned subsidiary of Alamos. (the "Option Agreement").

Under the terms of the Option Agreement, Dryden Gold has paid Alamos a total of $2,000,000 payable as to $1,000,000 in cash and has issued an aggregate of 8,568,980 common shares (the "Shares") (the "Share Issuance") at a deemed price of $0.1167 per share to Alamos to satisfy the remaining $1,000,000 on its Dryden Gold Property located in Northwest Ontario (the "Dryden Property"). The Shares were issued based on twenty days of trading in the Company's stock on a volume-weighted basis (the "20-day VWAP") for the period ending March 12, 2025. The proposed Share Issuance was previously disclosed in the Company's TSXV Form 3D2 Filing Statement dated December 27, 2023, (the "Filing Statement") a copy of which was filed under the Company's profile at www.sedarplus.ca on December 27, 2023. Please refer to the Filing Statement for a detailed description of the Dryden Option Agreement and the Dryden Property. All of the Shares will be subject to a hold period of four months and one day from the date of issuance.

Dryden Gold has also completed the required $1,400,000 in firm work commitments on the Dryden Property and will now own a 100% legal and beneficial interest to the Dryden Property subject to a 1% Net Smelter Returns ("NSR") royalty to Alamos and other permitted encumbrances.

Prior to the Share Issuance, Alamos holds an aggregate of 14,434,346 common shares of the Company, representing a security holding percentage of 9.58%. After the Share Issuance, Alamos will hold an aggregate of 23,003,326 common shares of the Company representing 14.44% of the outstanding shares of the Company making them Dryden Gold's largest single shareholder.

EARLY WARNING REPORT BY ALAMOS GOLD INC.

An early warning report in respect of the Share Issuance will be filed in accordance with applicable securities laws and will be available on Dryden's SEDAR+ profile at www.sedarplus.ca.To obtain a copy of the early warning report, once filed, please contact Alamos at Brookfield Place, 181 Bay Street, Suite 3910, Toronto, Ontario, M5J 2T3, Attention: Scott K. Parsons, 416-368-9932 x 5439.

Alamos advises that it is not aware of any plans nor has it any future intentions which relate to or result in any of items referred to in paragraphs 5 (a) to (k) of the early warning report, except pursuant to the Option Agreement whereby Alamos may receive additional common shares of the Company. In accordance with applicable securities laws, Alamos may, from time to time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of the Company in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Company and other relevant factors.

ABOUT DRYDEN GOLD CORP.

Dryden Gold Corp. is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSX Venture Exchange ("DRY") and on the OTCQB marketplace ("DRYGF"). 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 a 100% interest in a dominant strategic land position in the Dryden District of Northwestern Ontario. Dryden Gold's property package includes historic gold mines but has seen limited modern exploration. 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.

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, Investor Relations Email : arobinson@drydengold.com Phone : 604-764-7493

Maura Kolb, M.Sc.. P. Geo., President Email: mjkolb@drydengold.com Phone: 807-632-2368

 

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 : the acquisition of the Property, receipt of corporate and regulatory approvals, issuance of common shares; future development plans; future acquisitions; exploration programs; 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; risks related to the outcome of legal proceedings; 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 acquisition of the Property; 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/245082

FAQ

What is the total value of Dryden Gold's (DRYGF) property payment to Alamos Gold?

The total payment was $2,000,000, split between $1,000,000 in cash and $1,000,000 in shares (8,568,980 shares at $0.1167 per share).

What ownership percentage does Alamos Gold now hold in Dryden Gold (DRYGF)?

After the share issuance, Alamos Gold holds 14.44% of Dryden Gold's outstanding shares, up from 9.58%.

What are the terms of Dryden Gold's (DRYGF) property ownership?

Dryden Gold now owns 100% interest in the Dryden Property, subject to a 1% Net Smelter Returns royalty to Alamos Gold.

How much work commitment did Dryden Gold (DRYGF) complete on the Dryden Property?

Dryden Gold completed $1,400,000 in firm work commitments on the Dryden Property.