Tudor Gold

The investment case starts with scale. Goldstorm has been tested with more than 190,000 m of drilling and remains open in all directions. The project sits 40 km from the all-weather, paved Highway 37, along which the Northwest Transmission Line runs, water is accessible year-round, and deep-water port facilities are available at Stewart.

The near-term focus is the deposit's higher-grade mineralization. At a net smelter return (NSR) cut-off of US$175 per tonne, Goldstorm hosts Indicated resources of 3.4 million ounces of gold at 2.33 g/t (45.1 million tonnes) and Inferred resources of 2.4 million ounces at 4.02 g/t (18.3 million tonnes). At US$125 per tonne, the Indicated figure rises to 5.8 million ounces at 1.78 g/t. The company is assessing 2 to 3 g/t higher-grade gold-copper mineralization for initial mine development. It has filed a permit application for an underground ramp to drill the high-grade SC-1 Zone.

The company has completed its metallurgical program, one of its 2026 plans. Gold concentrates from the Upper and Lower zones recovered 86.3% and 87.3% of the gold, respectively, and the Central Zone's combined copper and gold concentrates recovered 82.1% of the gold and 94.1% of the copper.

Further upside sits beside the deposit. The Perfectstorm Zone produced a new copper-gold-silver-molybdenum porphyry discovery in August 2026: the PSP Zone, approximately 1 km southwest of Goldstorm at its closest point. The system now extends approximately 850 m by 750 m and remains open in all directions. Results reported on 14 October 2026 included 0.85 g/t gold and 2.94 g/t silver over 96.30 m in hole PS-26-30, and hole PS-26-32 extended gold-dominant mineralization more than 480 m down-dip of earlier drilling. A separate near-surface epithermal system, the PSE Zone, now covers approximately 600 m by 300 m, with thicknesses from 25 m to more than 100 m. The CBS and Eureka zones are further discoveries on the property.

President and Chief Executive Officer Joseph Ovsenek is the former President and CEO of Pretium Resources, where he led the executive team that advanced the Brucejack Mine, 20 km south of Treaty Creek, from discovery to commercial production in under eight years. He is a Professional Engineer with more than 30 years of international management and legal experience in the mining industry. Chief Financial Officer Grant Bond, CPA, CA, is a former Corporate Controller at Pretium and has more than 12 years of experience in management and accounting at public companies.

Ken Konkin, P.Geo., Senior Vice President Exploration, is a geologist with more than 40 years of experience exploring for precious and base metals and was Project Manager at Brucejack for Pretium. Ken McNaughton, Vice President Project Development, is a Professional Geological Engineer with more than 30 years of experience and was Pretium's Chief Exploration Officer. Michelle Romero, Vice President, External Affairs, was Executive Vice President, Corporate Affairs and Sustainability, at Pretium and has more than 17 years of mining management experience. Chris Curran, Vice President, Investor Relations and Corporate Development, has 25 years of experience in business development, communications, and capital markets, including more than 15 years in mining and exploration.

The company states that its management team discovered, developed, and operated the Brucejack Gold Mine.

Tudor's stated strategy is to expand the high-grade gold potential at Goldstorm, prioritize drilling of additional high-grade targets, advance an underground ramp to reach higher-grade mineralization, consolidate the Treaty Creek ownership structure and resolve overlapping interests, and progress a PEA as the first step toward production.

Tudor has retained Fuse Advisors Inc. to prepare a PEA examining the potential for an underground mining operation focused on Goldstorm's higher-grade gold mineralization, and said on 14 October 2026 that the study is being finalized with results expected in the coming weeks. Of its seven 2026 objectives, the company has completed two: refining the MRE to provide better visibility into the higher-grade material and completing the metallurgical program. The remaining five are project consolidation, completing the 2026 drill program, receiving the underground ramp permit, developing a resource estimate for an additional deposit, and completing the PEA.

Perfectstorm has received 21,119 m of drilling to date, three rigs are now active there, and the company expects to complete more than 20,000 m of further drilling to finish the 2026 program. Surface sampling 1.2 km northwest of the current Perfectstorm drilling returned values of up to 13.54 g/t gold, and four near-surface follow-up holes have been drilled, with results to be reported on receipt, the company said on 17 September 2026.

Tudor is an exploration and development company. The market capitalization of approximately CAD$413.2 million equates to roughly CAD$21 per Indicated gold ounce attributable to Tudor's 80% interest, before any value is given to silver, copper, Inferred resources, or Perfectstorm.

Options and warrants totaling 68.0 million would add about 16.5% to the share count on a fully diluted basis.

• Commodity Price Volatility: The company lists gold, silver, base metals, and other commodities as sources of price volatility among its risks. The 2026 MRE also reports Goldstorm resources at higher NSR cut-off values, with 5.8 million ounces of Indicated gold at US$125 per tonne.
• Regulatory & Permitting Risks: The underground exploration ramp to the SC-1 Zone is pending a permit, and the company lists the timeliness of government or regulatory approvals as a risk. British Columbia has an established regulatory framework and has announced a strategy for Golden Triangle mining development; the company's presentation cites engagement with local First Nations and communities.
• Technical & Operational Risks: Perfectstorm assays are uncut, intervals reflect drilled lengths, and true widths have not been determined; the company states that further drilling is required to determine them. The PEA is examining the potential for an underground mining operation at Goldstorm, which has more than 190,000 m of drilling completed, and the metallurgical program is complete.
• Environmental & Social Risks: The company lists environmental regulation and liability, as well as failure to maintain community and Indigenous group acceptance, among its risks. Its presentation cites engagement with local First Nations and communities, and its Vice President, External Affairs, was previously Executive Vice President, Corporate Affairs and Sustainability, at Pretium.
• Financing Risk: The company lists the ability to obtain financing as a risk, and 68.0 million options and warrants are outstanding. Insiders hold 28.0% of the company, and its CEO led the Pretium executive team that advanced Brucejack from discovery to commercial production.
• Execution Risk: Five of the seven 2026 objectives remain open: project consolidation, completion of the 2026 drill program, receipt of the ramp permit, a resource estimate for an additional deposit, and the PEA. The company lists disagreements with joint venture partners and disputes with third parties among its risks, and two objectives, the refined MRE and the metallurgical program, are complete.

Tudor Gold offers exposure to one of North America's largest gold-copper-silver deposits, located in a district with established infrastructure and led by a team that took the neighboring Brucejack Mine from discovery to production. The company is narrowing its focus to the higher-grade portion of Goldstorm for a first underground mine, while drilling at Perfectstorm has expanded a recently discovered porphyry system.

The main uncertainties are the economics the PEA will show, the timing of the ramp permit, and how the company funds the move toward development. With the 30 June 2026 market capitalization equal to roughly CAD$21 per attributable Indicated gold ounce, the PEA results expected in the coming weeks, further Perfectstorm assays, and progress on project consolidation are the key milestones for investors to track.