Dryden Gold Corp. [TSX-V: DRY, OTCQB: DRYGF] is pleased to announce that it has closed its previously announced C$3.38 million non-brokered private placement of an aggregate of 14,930,000 common shares. (see press release dated December 10, 2024)

Centerra Gold Inc. [TSX: CG) (NYSE: CGAU] has acquired approximately 9.9% of the issued and outstanding common shares of the Company. The Company and Centerra have also entered into an investor rights agreement dated December 17, 2024 whereby, subject to certain conditions, including time and ownership thresholds, Centerra will have certain rights, including the right to participate in future equity issuances to maintain its ownership in the Company. A copy of the IRA will be available under the Company’s SEDAR+ profile on www.sedarplus.com.

The Offering consisted of: (i) 11,988,824 charity flow through common shares at a price of $0.24 per CFT Share and (ii) 2,941,176 hard dollar common shares at a price of $0.17 per HD Share, for total aggregate proceeds of $3,377,317. Centerra was the end purchaser of all the CFT Shares (following the charitable flow through donations in the Offering) and all the HD Shares. No finder’s fees will be paid with respect of the Shares.  All of the common shares issued pursuant to the Offering will be subject to a hold period of four months and one day.

The proceeds from the Offering will be used to advance exploration at Dryden Gold’s 70,000-hectare property in northwest Ontario. All of the gross proceeds received by the Company from the issuance of the CFT Shares will be used to incur eligible “Canadian exploration expenses” (as defined in subsection 66.1(6) of the Income Tax Act (Canada) that will qualify as “flow-through mining expenditures” (as defined in subsection 127(9) of the Tax Act).

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 and traded on the OTCQB. 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 acknowledges all Indigenous Peoples and that it is operating on the traditional homelands of the Wabigoon Lake Ojibway Nation and Eagle Lake First Nation. 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.