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Price and Volume (1-year)


*QP: Cornell McDowell, P.Geo, VP Exploration of Trident Resources Corp.
* Trident Resources Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Portfolio Summary

Source: Company
Five projects covering over 125,000 hectares of gold and copper assets in Saskatchewan and Ontario
Two projects with NI 43-101 compliant resources (independently verified), and one with historical resources (unverified)
Five Projects

Source: Company / FRC
Contact, Lake, Greywacke, and Reindeer are in the La Ronge gold belt, a region with a proven track record of gold production
Contact Lake Gold Project
The property hosts four main targets : Contact Lake, Preview North, Preview SW, and North Lake , plus the relatively untested Point Lake, all with potential for gold production.
Project Map

Source: Company
Located 60 km northeast of La Ronge, a key hub for mining and exploration in northern Saskatchewan
Benefits from access to roads, electricity, and infrastructure needed for underground mining
2025 Resource – North Lake, Preview SW, Preview North


QP: Cornell McDowell, P.Geo , VP Exploration of Trident Resources Corp.
Source: FRC / Company
So far, the company has delineated an attractive gold resource across three targets; we view >1 Moz as appealing for a junior explorer
The fourth key target is the past-producing Contact Lake gold mine, where the company aims to outline a resource
All 19 holes (6,838 m) of the company’s 2025 drill program at the Contact Lake target returned significant gold. High grades were found near the surface ( 15 m at 7.28 g/t, including 6 m at 16.69 g/t ) , and at depth beneath previously mined areas ( 15 m at 5.73 g/t, including 7 m at 9.35 g/t ). These results are well above typical comparable deposits, which usually average under 3 g/t. Higher grades typically lead to increased production at lower costs.
2025 Drill Highlights


QP: Cornell McDowell, P.Geo , VP Exploration for Trident Resources Corp.
Source: Company
2025 drilling extended mineralization northeast and below historical workings, revealing a larger, deeper gold target than previously mapped
Trident has started a follow-up drill program of approximately 25–30 holes (10,000 m) . The goal is to test whether gold-rich areas , both recently discovered and historically known , extend further northeast , and at depth. We believe this program will lead to a maiden resource estimate for the fourth target, which could be the company’s next major catalyst.
Financials

Source: FRC / Company
Trident is closing a $19M equity financing, bringing its treasury to $32.5M at closing

Source: FRC / Company
In-the-money options and warrants can bring in $8M
FRC Valuation
Given the promising drill results, which suggest a high chance of resource expansion (finding more gold) , we will now include 100% of both indicated and inferred resources for the Contact Lake project. Previously , we used 100% of indicated and only 50% of inferred resources.

*Resource – 100% of M easured and Indicated + 50% of Inferred Resources
Source: S&P Capital IQ / Various / FRC
ROCK is trading at $38/oz gold equivalent (AuEq, previously $40/oz) resources vs a comparables average of $73/oz (previously $85/oz)
Applying the sector multiple to ROCK’s resources, we arrived at a fair value estimate of $4.27/share (previously $4.06/ share)
Our valuation increased because we are using higher resources, partly offset by the negative impact of lower sector valuations
We are reiterating our BUY rating, and adjusting our fair value estimate from $4.06/share to $4.27/share. Promising drill results highlight the potential for a larger, deeper gold resource than previously mapped. With a significant valuation discount and $32.5M in the treasury in the near future , we believe the company is well-positioned to expand its gold resources.
Risks
We believe the company is subject to the following risks:
We are maintaining our risk rating of 5 (Highly Speculative)
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