Trident Resources Corp. TSX-V: ROCK | OTCQB: TRDTF

One Year in and Moving Forward

From Foundation to Execution

This time of year marks an important milestone for Trident Resources Corp..



Just twelve months ago, Trident was formed through the merger of Rockridge Resources, MAS Gold, and Eros Resources. What began as a consolidation of assets and opportunities has since taken shape as a company with scale, direction, and a clear exploration vision.

Over the past year, the focus has been deliberate: building a strong foundation, strengthening the balance sheet, and putting the Company in a position where execution could take center stage.

As we reach this anniversary point, Trident looks very different than it did a year ago. The groundwork is largely in place, and the story is moving forward.

Contact Lake: current anchor and exploration focus

At the center of Trident’s most immediate exploration strategy sits Contact Lake.

Contact Lake is a past producing, high grade underground gold mine that was operated by Cameco in the 1990s. It is a project with history, existing infrastructure, and a geological model that continues to gain confidence with each drill program.

Recent drilling has confirmed continuity of mineralization and highlighted the potential for down plunge and along strike extensions, results that drew market attention to the project.

The recently launched winter drill program builds directly on that work, with a focus on tightening the geological model and testing the broader scale of the system.

With funding in place and drilling underway, Contact Lake has moved firmly into an execution phase.

A broader portfolio with meaningful scale

While Contact Lake is an important focal point, it represents only part of the overall picture.

Across Trident’s broader portfolio in the La Ronge Gold Belt, the Company controls approximately 125,000 hectares of prospective ground, strategically located close to infrastructure. Within this land package, Trident has already defined approximately 2.0 million ounces of gold resources, providing a solid foundation for the Company’s valuation today.

Importantly, these ~2.0 million ounces do not include any resources from Contact Lake.

This distinction matters. It means the high grade underground potential at Contact Lake sits outside the current resource base reflected on the balance sheet today.

For details on the current mineral resource estimates and technical assumptions, readers are encouraged to refer to the Company’s disclosure and technical reports available on its website and public filings.

Strengthening the balance sheet

To support its exploration plans, Trident recently announced a bought deal financing, including the full exercise of the over allotment option, along with a concurrent strategic non brokered placement.

Assuming completion of the announced financing, Trident has raised approximately $18.5 million in flow through capital. Combined with existing holdings, the Company would expect to hold approximately $32 million in cash and marketable securities following closing.

This level of funding is expected to fully support current and planned exploration programs, while reducing near term financing risk as drilling and evaluation work continue.

Where valuation sits today

As of today, Trident is trading at approximately $2.60 per share. Following the completion of the recently announced financing, the Company is expected to have about 37.5 million shares outstanding, implying a market capitalization of approximately $100 million.

After accounting for cash and marketable securities on hand, this equates to an estimated enterprise value of roughly $65 million.

With approximately 2.0 million ounces of gold resources currently defined, this corresponds to an enterprise value of about $33 per ounce of gold.

Importantly, this valuation reflects only the non Contact Lake ounces and does not include any value for the Contact Lake asset, resulting in a meaningful discount relative to peers that often trade well above $65 per ounce.

Within the junior gold sector, companies of similar scale with advancing projects and fully funded exploration programs typically command higher valuations, particularly when operating in stable and well supported jurisdictions.

At present, the market appears to be valuing primarily the existing defined ounces, while assigning limited recognition to future resource growth or the high grade underground potential at Contact Lake, which sits outside the current resource base.

For context, Cameco’s $65 million capital investment to develop Contact Lake in the early 1990s would translate to approximately $125 million today on an inflation adjusted basis. The market seems to be assigning no value to this underground infrastructure either, which alone would equate to roughly $3.33 per share, exceeding the Company’s current market capitalization.

Viewed from any angle, this highlights a material disconnect between Trident’s asset base and its current valuation.

The figures presented above are provided for illustrative purposes only and are not intended as financial analysis or investment advice. Investors are encouraged to conduct their own independent due diligence.

Looking ahead: potential catalysts

Over the coming months, several developments have the potential to influence how Trident’s valuation is viewed:



• Additional drill results from the recently completed winter program
• Continued deployment of flow through capital into ground exploration
• Potential expansion of drilling beyond the initial winter program
• Ongoing refinement of geological models at Contact Lake and across the broader portfolio
• Longer term opportunities to grow and update the resource base

As these catalysts unfold, valuation metrics will naturally evolve alongside the Company.

With capital expected to be in place, drilling underway, and a large, infrastructure advantaged portfolio in one of the strongest mining jurisdictions globally, the focus has shifted from preparation to execution.

Enterprise value snapshot offers a way to understand where the Company stands today, and where the potential could begin to emerge, as the next chapter takes shape.

Trading Symbols: TSX-V: ROCK | OTCQB: TRDTF

Disclaimer

This communication has been prepared and distributed by a third party that has been compensated for its services. It is intended for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Trident Resources Corp. (“Trident”).

The information contained herein is based on publicly available materials and news releases issued by the company. Readers are encouraged to review Trident’s continuous disclosure documents, including technical reports filed under National Instrument 43-101 (NI 43-101), available on SEDAR+ (www.sedarplus.ca).

Any reference to historical mineral resources, exploration targets, or potential quantities and grades is conceptual in nature and should not be interpreted as current mineral resources or reserves. Exploration results are preliminary and subject to verification and further work.

Forward-looking statements in this communication are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. Such statements reflect management’s current beliefs, based on information available at the time, and are provided for the purpose of conveying Trident’s present expectations. There can be no assurance that such statements will prove accurate.

Investors should conduct their own due diligence and consult a licensed investment advisor before making any investment decision.