From Scale to Selectivity: How Tudor Gold’s Updated Resource Unlocks Tier-One Economics at Goldstorm

• Tudor Gold announced a 15% increase in indicated resources to 24.9 million ounces of gold equivalent, with higher-grade sensitivities showing 5.8 million ounces at $125/ton NSR and 3.4 million ounces at $175/ton NSR
• At the $175/ton NSR cutoff, indicated grade averages 2.33 g/t gold while inferred averages 4.02 g/t, creating a combined near-3 g/t deposit with over 5 million ounces - qualifying as a tier-one asset
• The company is advancing toward a Preliminary Economic Assessment (PEA) by Q3 2026, focusing on underground long-hole stoping operations producing 8,000-10,000 tons per day targeting 300,000 ounces annually
• Tudor Gold has filed permits for underground ramp development to enable infill drilling and better mine definition, expecting permit approval in 2026 while concurrently advancing metallurgy and mine planning
• A 10,000-15,000 meter exploration program will target Perfectstorm, CBS, and Eureka zones to develop an additional 5 million ounce resource, demonstrating property potential beyond Goldstorm

Tudor Gold Corp. has released an updated mineral resource estimate for its Goldstorm deposit at Treaty Creek in British Columbia's Golden Triangle, marking a significant milestone in the project's advancement toward production. The update shows a 15% increase in indicated resources and introduces higher-grade sensitivities that position the deposit as a potential tier-one gold asset. With gold prices surpassing $5,000 per ounce and favourable market conditions, the company is accelerating development plans with a Preliminary Economic Assessment expected by Q3 2026.

Resource Expansion Highlights Higher-Grade Mineralisation

The updated mineral resource estimate reports 24.9 million ounces of gold equivalent in the indicated category, with an additional 4 million ounces in the inferred category. While these bulk tonnage figures are substantial, President and CEO Joseph Ovsenek emphasised that the company's focus centers on higher-grade mineralisation to optimise the path to production.

The resource update includes sensitivity analyses at different net smelter revenue (NSR) cutoff values, moving beyond the base case of $50 per ton. At a $125 per ton NSR cutoff, the deposit contains 5.8 million indicated ounces plus 2.6 million inferred ounces. At the more selective $175 per ton NSR cutoff, resources total 3.4 million indicated ounces and 2.4 million inferred ounces.

The grade profile at these higher cutoffs becomes particularly attractive. As Ovsenek explained,

"At US$175 per ton NSR, the grade of the indicated is 2.33 grams per ton gold while the grade of the inferred is 4.02 grams per ton gold."

Combined, this approaches three grams per ton gold equivalent without including copper and silver credits - a grade and tonnage combination that supports the company's assertion that this represents "literally a tier one asset."

Improved Resource Modelling

The 15% increase in indicated resources came primarily from enhanced modelling techniques rather than new drilling. The company's resource estimator refined the block model by maintaining 10-meter blocks throughout most of the deposit but employing 5-meter blocks at grade boundaries and areas requiring tighter definition. This approach provides more precise grade boundaries essential for mine planning while maintaining computational efficiency.

Ovsenek noted that new drilling contributed approximately 10-15% of the resource increase, mostly at the deposit fringes. The real improvement came from the ability to model grade continuity more accurately, creating better-defined mineralised solids that remain coherent even at higher cutoff grades.

Development Timeline Targets Q3 2026 PEA

Tudor Gold is pursuing an aggressive development timeline with concurrent workstreams. The company has commenced mine planning and metallurgical studies, which Ovsenek expects to complete within the current quarter. 

"This quarter we're going to have our mine plan and our metallurgy. And once we have both those things in hand, then it's just putting a process around it."

The development strategy targets underground mining using long-hole stoping methods, with initial production envisioned at 8,000-10,000 tons per day. This scale would support annual production in the 300,000 ounce range - what Ovsenek characterised as appropriately sized for the Golden Triangle's infrastructure requirements. The fixed costs associated with road access and transmission lines in the remote region necessitate sufficient production volume to achieve economic viability.

A Preliminary Economic Assessment is targeted for early Q3 2026. Depending on metallurgical results and PA outcomes, the company may skip the prefeasibility stage and advance directly to a feasibility study, compressing the timeline to production. Permitting applications could be submitted within two years if development proceeds as planned.

Interview with Joseph Ovsenek, President & CEO of Tudor Gold

Underground Development Enables Infill Drilling

To support mine planning, Tudor Gold has filed permits for underground ramp development. This infrastructure will enable drilling from underground positions to better define high-grade structures and improve resource confidence in areas targeted for early mining. After initially submitting the permit application, regulatory authorities requested additional data, which the company is compiling for resubmission within the coming month. Ovsenek expressed confidence in receiving permit approval in 2026.

The underground drilling program aims to tighten drill spacing in zones designated for initial mining, particularly focusing on higher-grade corridors. While this infill work proceeds, the company will advance surface infrastructure planning, including road access improvements and other pre-development activities.

Exploration Beyond Goldstorm

While Goldstorm represents the flagship deposit, Tudor Gold plans a substantial 2026 exploration program targeting other zones on the Treaty Creek property. The company has budgeted 10,000-15,000 meters of drilling focused on the Perfectstorm, CBS, and Eureka zones. The objective is to develop an additional resource with an initial target of 5 million ounces, demonstrating the property's potential beyond the Goldstorm deposit.

This parallel exploration approach allows the company to advance Goldstorm toward production while simultaneously expanding the overall resource base. Success in these secondary zones could significantly extend mine life or support expansion scenarios beyond the initial production profile.

Market Environment Transforms Financing Access

The dramatic rise in gold prices to now above $5,000 per ounce and silver above $100 per ounce has fundamentally altered the financing landscape for gold developers. Ovsenek reported receiving unsolicited approaches from investment bankers offering capital, a stark contrast to conditions just one or two years ago. 

This favourable environment provides Tudor Gold with optionality regarding financing structure and development pace. Capital availability for projects with clear paths to production has improved significantly, though Ovsenek noted that funding is beginning to trickle down to pure exploration plays as well. The company appears positioned to access whatever capital is required to advance development on its preferred timeline.

Technical Considerations Drive Mine Planning

The mine planning process involves extensive trade-off studies to optimise value. The company is evaluating which grade cutoff - whether $100, $125, or $175 per ton NSR - maximises project economics given current and projected metal prices. With gold at or near $5,000 per ounce, these assumptions significantly impact the mining inventory and production profile.

The deposit's three main zones - upper, central, and lower - show grade variability, with higher grades in the upper and lower zones. The SC-1 zone, which merges with the central zone, contains potentially superior grades and will receive infill drilling. Mine sequencing studies are evaluating how to bring the highest-grade, best-payback material into the mill as early as possible while balancing development costs against revenue timing.

The Investment Thesis for Tudor Gold

• Tier-One Asset Scale: 24.9 million indicated ounces with higher-grade scenarios delivering 3.4-5.8 million ounces at 2.33-3+ g/t gold equivalent, positioning Goldstorm among significant undeveloped gold deposits globally
• Near-Term Catalysts: PEA expected Q3 2026, underground development permits anticipated in 2026, and potential feasibility study within 24 months create multiple value inflection points
• Production-Focused Strategy: Management targeting 300,000 ounces annually from underground long-hole stoping at 8,000-10,000 tons per day represents appropriately scaled development for infrastructure economics
• Experienced Management Team: Track record includes developing and operating the Brucejack mine in the same Golden Triangle district, providing relevant operational expertise and permitting experience
• Exploration Upside: 10,000-15,000 meter program targeting 5 million additional ounces at Perfectstorm, CBS, and Eureka zones offers resource expansion beyond the current mine plan
• Favorable Market Access: Unsolicited financing approaches and strong gold pricing environment provide capital optionality and reduce execution risk for development timeline
• Infrastructure Synergies: Location in established Golden Triangle mining district with potential access to regional infrastructure and established permitting frameworks
• Strategic Flexibility: Resource model allows optimisation across different grade cutoffs and mining scenarios as metal prices and costs evolve, supporting long-term value creation

Macro Thematic Analysis

The gold market's ascent to nearly $5,000 per ounce represents a fundamental revaluation of precious metals amid currency debasement concerns, geopolitical instability, and renewed institutional allocation. This environment disproportionately benefits high-quality development projects with clear paths to production, as capital flows from financial gold instruments toward tangible mining assets. 

Tudor Gold's tier-one deposit arrives at an inflection point where financing constraints that hampered development for years have evaporated. This capital availability, combined with sustained high gold prices, enables accelerated development timelines and supports premium valuations for ounce-in-ground assets approaching production, particularly in established mining jurisdictions.

TL;DR

Tudor Gold's updated 24.9 million ounce resource estimate includes higher-grade sensitivities showing 3.4-5.8 million ounces at 2.33-3+ g/t gold equivalent, qualifying as a tier-one asset. The company targets a Q3 2026 PEA for underground production of 300,000 ounces annually while pursuing permits for underground development and drilling 10,000-15,000 meters to define additional resources. Favorable gold pricing near $5,000 per ounce and strong financing availability support an accelerated development timeline with potential permitting applications within two years.

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