One of the Best-Performing Gold Stocks, Yet Significant Upside Remains

• Project Overview: The Contact Lake project comprises the past-producing Contact Lake (CL) gold mine, three targets with NI 43-101 compliant/independently verified resources, and several underexplored targets. Current exploration is focused on the CL target surrounding the historic mine, with a maiden resource estimate as the primary objective
• Promising Drill Results: All 48 holes drilled at Contact Lake intersected gold mineralization. We believe drilling has outlined a large, deep gold target extending ~1 km along strike, and to depths of up to 500 m. Unlike the company's existing resource base, which is largely near-surface and potentially amenable to open-pit mining, CL appears to be a higher-grade underground target.
• Resource Expansion Potential: Based on results reported to date, we estimate CL could host a 1.0–1.5 Moz resource grading ~6 g/t (vs. ~3–7 g/t for typical underground gold mines), potentially increasing ROCK’s resource inventory by 50–75%, to 3.0-3.6 Moz. This estimate excludes any resource growth at existing targets, and assigns no value to several underexplored targets across the portfolio.
• Follow-Up Drilling: Conducting a fully funded 20,000 m (~40-hole) drill program to potentially expand known mineralized zones, and test additional targets. We anticipate a maiden resource estimate for CL by late 2026 or early 2027, which could serve as a major catalyst for the stock.
• Strong Balance Sheet: Well funded, with $28M in the treasury, and up to $5M from in-the-money options and warrants; no meaningful near-term dilution anticipated.
• Undervalued: ROCK is currently trading at approximately $51/oz versus a comparables average of $86/oz, a 42% discount. We believe the market has yet to fully recognize the value of the gold identified through recent drilling.
• Upcoming Catalysts: Key catalysts include drilling, and the upcoming resource estimate. We believe our preliminary estimate on the CL target can provide investors with insight into the project's potential ahead of the official resource.

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

Five projects covering 160,300+ hectares of prospective gold and copper assets in Saskatchewan and Ontario

Source: Company

Two projects with NI 43-101 compliant resources (independently verified)

One project with historical resources (unverified)

ROCK controls the largest gold and copper land position among publicly traded companies in Saskatchewan’s prospective La Ronge Gold Belt, offering significant exploration upside through a large pipeline of prospective targets

Five Projects

Source: Company / FRC

Contact Lake is the flagship project and current focus

Contact Lake Gold Project

The property hosts four main targets : Contact Lake (CL), Preview North, Preview SW, and North Lake, plus the relatively untested Point Lake. 

Project Map

Source: Company

Located 60 km northeast of La Ronge, a major mining and exploration hub in northern Saskatchewan, with access to roads, power, and infrastructure that could support future mining activities

2025 Resource – North Lake, Preview SW, Preview North, and Greywacke

Source: FRC / Company

Defined a significant gold resource across three targets

CL, the fourth key target and a past-producing gold mine, is the current focus of exploration

Resource Expansion Potential 

20,107 m drilled across 59 holes since 2025, with every hole intersecting gold mineralization

Contact Lake Gold Mine

Source: Company

Drilling expanded known mineralized zones (Main and BK2) beyond historical mine workings, and led to the discovery of a new high-grade zone (BK3)

Notable intercepts include 9.25 m at 30.06 g/t near surface, and 0.05 m at 1,055 g/t at depth, significantly exceeding the <3 g/t grades typical of similar deposits

We believe the prevalence of purple (>10 g/t Au) intercepts in the above map highlights a robust high-grade gold system. The project remains largely underexplored along strike, and at depth below the historic mine workings, offering resource expansion potential.

2025-2026 Drill Highlights

We believe the company has outlined a large, deep gold target spanning ~1 km of strike length, extending to depths of up to 500 m

Based on the reported drill results, we estimate a weighted average grade of ~6 g/t 

Source: Company / FRC 

FRC Preliminary/Speculative Estimates

Source: FRC

We believe the CL target could host 1.0–1.5 Moz, potentially increasing the company's consolidated resource inventory to 3.0–3.6 Moz

Trident has commenced a fully funded 20,000 m drill program (~40 holes) focused on potentially expanding known targets, and testing new targets. We anticipate a maiden resource estimate on the CL target by late 2026 or early 2027.

Awaiting results from seven holes at the CL target, and 11 holes at the Preview SW target

Financials

Well-funded, with $28M in the treasury, and up to $5M in potential funding from in-the-money options and warrants

Source: FRC / Company

We do not anticipate any near-term shareholder dilution

FRC Valuation & Rating

ROCK trades at just $31/oz vs a comparables average of $86/oz, a 41% discount

Source: FRC / S&P Capital IQ / Various

Applying the comparables average implies a fair value estimate of $7.48/share (previously $4.27/share)

Valuation increased following the inclusion of our speculative estimate on the CL target

Key Assumptions:

1. We continue to value ROCK using the average E nterprise Value /resource multiple of gold juniors.
2. Consistent with our methodology for other companies on the list, we use 100% of M&I resources and 50% of inferred resources across ROCK's targets, valuing them at the global average multiple of $86/oz.
3. In addition to NI 43-101 resources, we conservatively use the lower end of our estimate on the CL target, and value these ounces at $182/oz, the average multiple of higher-grade comparables.

We reiterate our BUY rating, and raise our fair value estimate to $7.48/share from $4.27/share. ROCK has emerged as one of the strongest-performing gold juniors over the past year, driven by encouraging drill results at CL, and a supportive outlook for gold. We believe ongoing drilling could support a maiden 1.0–1.5 Moz resource at CL, potentially increasing the c ompany's resource inventory by 50–75% while highlighting the upside across its underexplored land package.

Risks

We believe the company is subject to the following risks:

• Commodity prices
• Exploration and development
• No economic studies
• Access to capital and potential for share dilution
• Valuation reliance on NI 43-101-compliant resources and internal/speculative resource estimates
• Permitting

We are maintaining our risk rating of 5 (Highly Speculative)