Compelling value gold story focused on underexplored Saskatchewan

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By Jason Smith

Disseminated on Behalf of: Trident Resources Corp.

• Known for potash and uranium, Saskatchewan is an underappreciated gold district
• Newly formed Trident Resources controls 1.5 million ounces of historical, gold-equivalent resources and is about to drill its flagship project
• Trident looks undervalued relative to peers on a market cap and enterprise value basis

With gold trading above US$3,300/oz., generalist investors are joining veteran gold investors in looking for gold companies that can leverage rising prices for the yellow metal.

Good exploration stories, in particular, offer the potential for outsized gains in the current environment. And while gold bugs are familiar with the gold exploration potential of British Columbia, Ontario, and Quebec, a province that often gets overlooked is Saskatchewan.

Newly formed, Saskatchewan-based gold explorer Trident Resources Corp. (ROCK.VN) (TRDTF) wants to help change that oversight by advancing its core gold projects there. The company’s Saskatchewan assets boast 1.5 million ounces of historic, gold-equivalent resources, and Trident’s management believes they could host much more high-grade gold.

“We believe Trident Resources is one of the most undervalued advanced gold exploration stories in the market today.” — Jonathan Wiesblatt, CEO, Trident Resources

An underexplored gold district 

As a mining destination, Saskatchewan is known mostly for its potash resources and its high-grade uranium deposits.

SSR Mining does have an active gold mine called Seabee–Santoy in the province’s La Ronge Gold Belt. However, the gold potential of the belt remains largely untapped.

Because of its potash and uranium assets, Saskatchewan is a mining-friendly jurisdiction, one that is very much open to more gold exploration.

Trident CEO Jonathan Wiesblatt comments: “Gold has never really been a key focus metal for the province. It has been significantly underexplored.”

Formed in May 2025 through the amalgamation of Eros Resources, MAS Gold and Rockridge Resources, Trident Resources has emerged as a gold-focused explorer in the region via its Contact Lake and Greywacke Lake gold projects and its Knife Lake VMS copper project.

Global resources of over 1.5 million ounces of gold-equivalent

Trident’s Project Portfolio

Between them, Contact Lake, Greywacke Lake and Knife Lake host 1.5 million ounces of historic, gold-equivalent resources.

That includes historic gold resources at Contact Lake’s Preview Southwest, Preview North and North Lake targets as well as at Greywacke Lake’s Greywacke North target, and a 200-million-pound copper resource at Knife Lake.

Contact Lake is the flagship project within Trident’s portfolio. It is a past producer from the 1990s, run by uranium major Cameco, which eventually shuttered the mine when gold was trading at $300 an ounce. 

The mine still has unmined stopes left from that operation, as well as excellent expansion potential in several directions.

An upcoming drilling program at Contact Lake

Contact Lake Project (Infrastructure)

Trident will begin a 5,000-meter drill program at Contact Lake this summer that will test that target northeast of the old mine.

Budgeted for approximately C$2.5 - $3 million, this program has the potential to pepper the market with high-grade gold results at a time when investors are paying greater attention to exploration news.

Wiesblatt notes: “There’s significant opportunity to expand the mineralization at depth and along strike — the mine site has not been explored in almost 30 years.”

Trident plans to specifically test the old mine’s potential with greater than 4,000 meters of drilling. That effort will be designed to confirm historical values, increase confidence in the resource and expand the historical resource.

The company will supplement this drilling with additional regional drilling at the project as well as a property-wide analysis of its structural geology and a prospecting program. 

In addition to the potential for the drilling program to wow the market with high-grade assays, it also gives Trident a chance to reevaluate Contact Lake’s existing resources using much higher-gold prices. That could help with resource growth there as well.

Backed by a mining-industry legend

In putting together the company, Trident Resources enjoyed the guidance, expertise and financing of strategic shareholder and advisor Ron Netolitzky.

A 2015 inductee into the Canadian Mining Hall of Fame, Netolitzky’s career as an explorer includes three major gold discoveries: Eskay Creek, Snip, and Brewery Creek.

His knowledge of Saskatchewan’s gold potential helped the company identify projects with significant upside. Says Wiesblatt: “Ron brings with him a significant knowledge base about the structural geology of the assets that reside within Trident Resources.”

Netolitzky is Trident’s largest shareholder, and his expertise supports a Trident technical and management team that boasts a wealth of geological and capital markets experience.

A bargain by any measure

As Trident begins its drill program at Contact Lake, it finds itself undervalued by almost any measure.

Its C$17 million market cap and C$8 million working capital position results in an enterprise value of just C$9 million. Wiesblatt comments: “We believe Trident Resources is one of the most undervalued advanced gold exploration stories in the market today.”

In a research note initiating coverage on Trident Resources for Fundamental Research Corp., Head of Research Sid Rajeev concurs: “We believe Trident presents a compelling early-stage opportunity in a top-tier mining jurisdiction, with a substantial historical gold resource, trading at a significant discount to its peers.”

Between Contact Lake’s drill program’s potential to produce high-grade gold assays and the potential for higher gold prices to increase the company’s 1.5-million-ounce historical gold-equivalent asset base, near-term share price catalysts would appear to abound for this Saskatchewan-focused gold explorer.

ABOUT TRIDENT RESOURCES CORP:

Trident Resources Corp. (ROCK.VN) (TRDTF) is a Canadian mineral exploration company focused on unlocking the potential of the prolific La Ronge Gold Belt. The Company has successfully consolidated two projects consisting of five gold deposits within this geologically rich region in Saskatchewan, recognized as one of the world’s top-ranked mining jurisdictions. To learn more about the company, visit their website here.

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