Tudor Closes $12.5 Million Flow-Through Financing & Extends Exploration Runway in Canada's Golden Triangle

• Tudor Gold closed a $12.5 million flow-through financing on December 11, 2025, with qualifying expenditures required by December 31, 2026, securing exploration funding without balance sheet stress in a selective junior mining capital market.
• The financing supports advancement of the Treaty Creek Project, which hosts 21.66 million ounces of gold Indicated at 0.92 g/t according to the April 2024 resource estimate, positioning it among the larger undeveloped gold-copper deposits in North America.
• Capital allocation targets high-grade zone delineation and underground ramp permitting, with approval targeted for approximately May 2026, supporting a smaller-footprint, higher-margin development pathway ahead of a future preliminary economic assessment.
• Tudor trades at approximately C$15.1 per Measured and Indicated ounce compared to peers Seabridge Gold at C$24.2 and Novagold at C$161.9, suggesting potential for valuation re-rating as technical milestones advance.
• Management's prior Golden Triangle experience, including involvement with the nearby Brucejack mine now operated by Newmont, combined with ownership consolidation to 80% of Treaty Creek, strengthens execution credibility and strategic optionality.

Capital Discipline Returns as a Key Differentiator in the Junior Gold Sector

The junior mining sector has entered a phase where capital quality matters as much as capital quantity. After years of indiscriminate financing activity, investors have grown increasingly selective, favoring companies that demonstrate clear milestone alignment, jurisdictional safety, and management credibility. This shift has created a bifurcated market where well-positioned explorers can raise capital on reasonable terms while marginal projects struggle to attract attention at any price.

Why Financing Quality Matters More Than Financing Volume

The current capital markets environment reflects a broader recalibration of risk appetite among resource-focused investors. Speculative financings that characterized earlier cycles have largely given way to targeted, milestone-driven capital raises. Investors now scrutinize use of proceeds, insider participation, and alignment between capital deployment and technical advancement. Companies that can raise capital without excessive dilution, particularly those offering structural tax advantages, signal both project quality and management discipline.

Flow-Through Financing as a Signal of Jurisdictional Confidence

Canadian flow-through structures remain among the most efficient mechanisms for funding exploration activity. These instruments allow investors to deduct qualifying Canadian Exploration Expenses against taxable income, creating a built-in premium that reduces effective dilution for issuers. For exploration-stage companies operating in British Columbia's Golden Triangle, flow-through financing provides access to a dedicated capital pool that remains largely insulated from broader market volatility.

Joseph Ovsenek, President and Chief Executive Officer of Tudor Gold, explains the company's focused approach:

"Our focus is on taking this discovery and looking at how best can we get it into a mine as quickly as possible."

Tudor's Closed Financing as a Strategic Inflection Point

Tudor Gold closed the second and final tranche of its non-brokered private placement on December 11, 2025, bringing total gross proceeds to $12,506,722. The transaction signals continued institutional confidence in the Treaty Creek project at a time when competing exploration assets face increasing difficulty accessing patient capital.

Key Terms of the Financing & What They Signal

The financing structure includes warrant coverage with each whole warrant entitling the holder to purchase one additional non-flow-through common share at $1.20 for a period of two years from the date of issue. Insider participation totaled 40,000 Units in the second tranche, demonstrating management alignment with external investors. The completed raise exceeded initial guidance, reflecting robust demand for exposure to advanced-stage gold-copper exploration in a favorable jurisdiction.

Use of Proceeds & Timeline Discipline

Capital raised through flow-through structures carries specific expenditure requirements that impose natural discipline on deployment. Qualifying expenditures must be incurred on or before December 31, 2026, and renounced with an effective date no later than December 31, 2025. This regulatory framework ensures that financing translates directly into resource expansion, high-grade targeting, and underground access development rather than eroding through general corporate purposes.

Ovsenek outlines the sequencing logic:

"First phase to really kickstart mining is underground high-grade, higher grade, smaller footprint mine. It's the quickest thing to permit, to build, to get going, so that's our focus."

Treaty Creek in Context: Scale, Scarcity & Strategic Optionality

The Treaty Creek project occupies a distinctive position within the global inventory of undeveloped gold-copper assets. The company characterizes it as hosting one of the largest gold-copper-silver deposits in North America. Scale, location, and resource quality combine to create optionality that becomes increasingly valuable as the industry confronts declining discovery rates and extended development timelines.

Resource Scale in a Constrained Discovery Cycle

The Goldstorm deposit's current Mineral Resource Estimate, with an effective date of April 5, 2024 and prepared by Garth Kirkham Geosystems and JDS Energy & Mining Inc., includes 21.66 million ounces of gold in the Indicated category at 0.92 grams per ton. The company's 2025 plans include updating and refining the resolution of this estimate. Large deposits of this nature support long-life mining operations with production profiles and cost structures that attract major company interest.

The importance of scale has increased as industry-wide discovery rates have declined. Major producers facing reserve depletion have limited options for organic replacement, creating structural demand for advanced-stage assets. Tudor's current market capitalization translates to approximately C$15.1 per Measured and Indicated ounce, compared to Seabridge Gold at C$24.2 and Novagold Resources at C$161.9, suggesting potential valuation upside as the company advances through technical milestones.

Location as a Competitive Advantage

British Columbia's Golden Triangle has evolved from a frontier exploration district into an established mining region. Treaty Creek benefits from proximity to key infrastructure including the Northwest Transmission Line, location approximately 40 kilometers from the all-weather, paved Highway 37, and access to deep water ocean port facilities in Stewart. The Premier of British Columbia has announced a strategy for Golden Triangle mining development, with the Minister of Mines stating they are taking steps to cement the northwest as a key economic driver for Canada.

Tudor's management team brings direct familiarity with the region. Ovsenek emphasizes this operational knowledge:

"We've done this before, 15 kilometers to the south. We know the area well, we know the rocks well, and we know the players in the area."

The referenced precedent is the Brucejack Mine, now owned and operated by Newmont Corporation.

From Bulk Tonnage to Margin: The High-Grade Strategy

Tudor's technical approach emphasizes grade optimization within the broader resource envelope. While the Goldstorm deposit offers scale sufficient for bulk mining methods, the company has pivoted toward identifying and delineating higher-grade zones that could support earlier, more capital-efficient development scenarios.

Why Grade Matters at This Stage of the Cycle

Investor focus has shifted toward early cash flow generation, margin resilience, and capital discipline. Projects demonstrating pathways to production without requiring multi-billion-dollar capital commitments attract premium valuations. Higher-grade starter zones derisk larger deposits by demonstrating mining feasibility while generating early cash flow that can fund expansion.

Underground Access as a Value Catalyst

Tudor's underground exploration strategy targets the SC-1 zone and other high-grade domains within the broader Goldstorm system. Filing a permit for the underground exploration ramp is listed among the company's 2025 plans, with approval targeted for approximately May 2026.

Ovsenek explains the technical methodology:

"The resource estimate when we came in was based on bulk tonnage mining... What we've done is we've come in and gone to 5x5x5 meter blocks. That gives you better definition of the higher grade mineralization, essentially you get more pixels… If we can outline 50 to 100 million tons in that 2 to 3 gram range, that's a mine."

Management Track Record as an Execution Hedge

Resource quality and jurisdictional advantage provide necessary but insufficient conditions for successful mine development. Execution capability, demonstrated through prior permitting, construction, and commissioning experience, often determines whether theoretical value translates into shareholder returns.

Capital Allocation & Strategic Patience

Tudor's approach emphasizes sequencing technical work to maximize optionality while avoiding premature commitments. The company has consolidated its ownership position, acquiring American Creek to increase its interest from 60% to 80%. Consolidating the Treaty Creek ownership structure and resolving overlapping interests remains part of the company's stated strategy.

Ovsenek describes the ownership evolution:

"Prior to my joining the company, we had a 60% interest in the project with two partners each with 20% interest... One of the first things we did when I came on was acquire American Creek, we now have 80%."

Jurisdictional Risk, Permitting & ESG Context

British Columbia, characterized by Tudor as a Tier-1 mining jurisdiction, offers regulatory frameworks that stand in contrast to jurisdictions where permitting timelines remain unpredictable or where fiscal terms face retroactive modification.

ESG & Social License Considerations

Long-life mining projects require sustained community support and environmental stewardship. Tudor Gold notes it has engaged local First Nations and communities. The company is also in active discussions regarding the proposed Mitchell Treaty tunnels, where the initially proposed route runs through the Goldstorm deposit area.

The Investment Thesis for Tudor Gold

Tudor Gold's closed financing occurs against a backdrop of structural supply constraints in the gold-copper development pipeline.

• Tudor's $12.5 million flow-through financing secures exploration funding with qualifying expenditures required by December 31, 2026, providing capital certainty without balance sheet stress.
• Treaty Creek offers substantial resource scale in a market facing declining discovery rates, with 21.66 million ounces gold Indicated providing a foundation for long-life development scenarios.
• High-grade targeting and underground access development create multiple pathways, preserving optionality as market conditions and technical understanding evolve.
• British Columbia provides infrastructure access including the Northwest Transmission Line and proximity to Highway 37 and Stewart port facilities.
• Management's prior experience in the Golden Triangle, including involvement with the nearby Brucejack development, reduces execution and capital allocation risk.
• Ownership consolidation from 60% to 80% aligns economic interests ahead of development-stage capital requirements, with stated interest in reaching full ownership.
• Near-term catalysts including a refined resource estimate and underground ramp permitting provide defined milestones for measuring execution.

Why This Financing Matters

Tudor Gold's closed flow-through financing represents a strategic signal during a period when capital discipline has become a primary differentiator among exploration-stage companies. The transaction secures funding for technical advancement, positions the company to capitalize on near-term catalysts, and reinforces management's commitment to milestone-driven value creation.

At C$15.1 per Measured and Indicated ounce versus peers trading at meaningfully higher multiples, Tudor's combination of scale, grade optionality, and execution credibility warrants consideration. The capital raised enables the flexibility and leverage that convert exploration success into development-stage value.

TL;DR

Tudor Gold closed a $12.5 million flow-through financing on December 11, 2025, securing exploration capital for its Treaty Creek project in British Columbia's Golden Triangle. The deposit hosts 21.66 million ounces of gold Indicated at 0.92 g/t, ranking among North America's larger undeveloped gold-copper assets. Management is pivoting toward high-grade zone delineation and underground ramp permitting (targeted May 2026 approval) to pursue a smaller-footprint, higher-margin development pathway. Tudor trades at approximately C$15.1 per M&I ounce versus peers Seabridge at C$24.2 and Novagold at C$161.9, suggesting re-rating potential as milestones advance. Ownership consolidation to 80% and management's prior Brucejack experience strengthen execution credibility.

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