• Project Overview: The project includes the past-producing Contact Lake gold mine, three deposits (North Lake, Preview SW, Preview North) with indicated resources of 0.8 Moz gold (Au), and inferred resources of 1.0 Moz, and the relatively untested Point Lake target. We view >1 Moz as attractive for a junior explorer. Note: indicated resources have higher confidence than inferred resources.
  • Follow-Up Drilling: The recent program focused on the Contact Lake target, which currently has no resource estimate. The company has started a follow-up program of ~25–30 holes (10,000 m). We expect the program to deliver a first resource estimate for the target, and expand the project’s total resources.
  • Financing: The company is closing a $19M equity financing. At closing, Trident will have $32.5M in the treasury, enough to fund exploration through the year without near-term share dilution.
  • Valuation: ROCK is trading at $38/oz vs the sector average of $73/oz, a 48% discount. This suggests the market has not yet fully recognized the value of gold identified by Trident.
  • Upcoming Catalysts: Key upcoming catalysts include ongoing drilling, and potential M&A opportunities.

Price and Volume (1-year)

  YTD 12M
ROCK 17% 323%
TSXV 2% 58%
GOEX (ETF) 10% 158%

*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:

  • Commodity prices
  • Exploration and development
  • Access to capital and potential for share dilution
  • Permitting
We are maintaining our risk rating of 5 (Highly Speculative)

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