Tudor Gold Advances Underground Gold Strategy: A Compelling Investment Case

• Tudor Gold controls 21.66 million ounces of indicated gold resources at 0.92 g/t within 730.20 million tonnes, representing one of North America's largest undeveloped gold deposits in the Golden Triangle.
• The SC-1 Zone discovery offers exceptional high-grade gold potential with 85.1% metallurgical recovery rates, positioning the company for potential underground mining development.
• Recent $24.5 million in December 2025 financings ($13 million flow-through, $11.5 million non-flow-through) provide financial strength to execute 2026 underground exploration strategy.
• Leadership team successfully discovered, developed, and operated the nearby Brucejack Gold Mine, bringing demonstrated expertise to Treaty Creek development.
• Underground exploration ramp permit application filed with updated mineral resource estimate targeted for January 2026, creating multiple near-term catalysts.

Tudor Gold Corp.  stands positioned at a critical inflection point as the company transitions from resource definition to development planning at its flagship Treaty Creek Project. Located in British Columbia's Golden Triangle, the project hosts one of North America's most significant undeveloped gold resources, with recent strategic developments pointing toward a compelling investment opportunity in the precious metals sector.

The company's December 2025 year-end review and 2026 strategy outline demonstrates a clear evolution from exploration to development, supported by robust financing and a management team with proven track records in bringing Golden Triangle projects into production. The current gold price environment, with spot gold trading above $2,600 per ounce in January 2026, creates favorable conditions for advanced-stage development projects like Treaty Creek.

With global economic uncertainty continuing to drive precious metals demand and central bank gold purchases reaching record levels according to World Gold Council data, Tudor Gold presents investors with exposure to a world-class asset in a tier-1 mining jurisdiction positioned to benefit from continued gold price strength.

Company Overview

Tudor Gold operates as a mineral exploration and development company focused exclusively on its 80%-owned Treaty Creek Project spanning 17,918 hectares in the Golden Triangle region of British Columbia. The company completed its acquisition of American Creek Resources Ltd. in September 2025, increasing its ownership position from 60% to 80%, with Teuton Resources Corp. holding the remaining 20% interest. Eric Sprott owns 15.1% through 2176423 Ontario Ltd., with retail investors holding 59.0% and institutional investors comprising 12.8% of the ownership structure.

The project's strategic location provides access to established infrastructure including Highway 37 at 40 kilometers distance, Northwest Transmission Line, year-round water supply, and deep-water ocean port facilities in Stewart. As of January 2026, Tudor Gold maintains 377.18 million shares outstanding trading at CAD $1.02, representing approximately CAD $385 million market capitalization. This infrastructure advantage significantly reduces potential development costs compared to greenfield projects in remote locations, with proximity to major transportation corridors potentially reducing capital expenditures by 20-30%.

Tudor Gold's management team brings exceptional Golden Triangle credentials through proven experience at the nearby Brucejack Mine. President and CEO Joseph Ovsenek led Brucejack Mine from discovery to production in under eight years as former Pretium Resources CEO, while Senior VP Exploration Ken Konkin served as Brucejack Project Manager with over 40 years of geological experience. This proven track record, combined with the team's familiarity with Golden Triangle geology and permitting processes, provides investors confidence in the team's ability to advance Treaty Creek through complex development phases.

Key Development: Underground Strategy Takes Shape

The most significant development in Tudor Gold's evolution involves its strategic pivot toward underground mining potential, centered on the high-grade SC-1 Zone discovery. In August 2025, the company filed a Notice of Work permit application with the BC Ministry of Energy, Mines and Low Carbon Innovation for underground exploration of the SC-1 Zone and Goldstorm Deposit. This underground strategy represents a fundamental shift from traditional bulk tonnage open-pit scenarios toward potentially higher-margin underground operations that target selective, high-grade mineralization.

"With the closing of our recently announced financings, we have the financial strength to push ahead with what we believe is the most straightforward, economically attractive development path to gold production at Treaty Creek and the Golden Triangle  a mid-size underground mine with a small footprint."

This strategic direction aligns with global mining industry trends toward selective, high-grade extraction methods that minimize environmental impact while maximizing economic returns per tonne processed.

The company's 2025 exploration program comprising 5,052 meters of drilling successfully expanded higher-grade gold corridors within the Goldstorm Deposit, with standout intercepts including hole GS-25-188 returning 2.57 g/t gold equivalent over 54.0 meters and GS-25-189 intersecting 1.29 g/t gold equivalent over 204.0 meters. The SC-1 Zone demonstrates exceptional metallurgical performance with 85.1% gold recovery through flotation and concentrate grading 33.6 g/t gold, supporting the underground mining approach. Current drilling totals approximately 190,000 meters at Goldstorm since the 2016 discovery, establishing one of the most comprehensively explored deposits in the Golden Triangle region.

Strategic Significance: Golden Triangle Positioning

Tudor Gold's strategic positioning within the Golden Triangle provides multiple competitive advantages through established mining ecosystem infrastructure, experienced contractors, and regulatory familiarity that reduces development risk and timeline uncertainty. The project borders Seabridge Gold's KSM property to the southwest and sits approximately 20 kilometers from Newmont Corporation's producing Brucejack Mine to the southeast, creating potential synergies in processing, logistics, and operational expertise. British Columbia's mining industry contributes $18 billion annually to provincial economic activity, with the Premier announcing a Golden Triangle development strategy in May 2025 and the Minister of Mines committing to "cement the northwest of BC as a key economic driver for Canada."

Treaty Creek hosts Indicated Mineral Resources of 730.20 million tonnes containing 21.66 million ounces gold at 0.92 g/t, 2.87 billion pounds copper at 0.18%, and 128.73 million ounces silver at 5.48 g/t, totaling 27.87 million ounces gold equivalent at 1.19 g/t according to the NI 43-101 Technical Report dated April 5, 2024. Inferred resources add 149.61 million tonnes with 4.88 million ounces gold at 1.01 g/t, 503.2 million pounds copper, and 28.97 million ounces silver. This multi-metal composition provides revenue diversification and enhanced project economics through copper and silver byproduct credits that can significantly improve overall project returns.

The Goldstorm Deposit has 190,000 meters drilled since 2016, while additional zones including Perfectstorm (under 8,000 meters drilled), CBS Zone (less than 4,000 meters), and Eureka Zone (less than 4,000 meters) offer significant expansion potential beyond the current resource estimate. The SC-1 Zone represents the highest-grade gold discovery to date with 18 holes intersected, demonstrating visible gold intersections within quartz stockwork systems. This resource scale positions Tudor Gold among North America's largest undeveloped gold projects with significant development optionality across multiple mining scenarios and phased development approaches.

Current Activities: 2026 Catalyst Pipeline

Tudor Gold has established a comprehensive catalyst timeline for 2026, with the updated mineral resource estimate representing the most immediate value inflection point targeted for completion in January 2026. The resource update will incorporate approximately 15,000 meters of drilling data from 2024-2025 programs, utilizing refined sub-domained block modeling with 0.5-meter resolution around domain boundaries to provide enhanced resolution of higher-grade gold mineralization zones critical for underground mine planning. This technical advancement should significantly improve geological confidence and enable more precise development planning for selective mining approaches.

Underground exploration ramp permit approval represents another key catalyst, enabling year-round drilling operations and potentially reducing drilling costs by 40-50% compared to surface drilling while providing superior geological control and sample quality. The underground program would focus on defining the SC-1 Zone and establishing drill platforms for systematic resource expansion, allowing for more efficient exploration of high-grade targets. Additional metallurgical testing on 300H/N, CS600, and DS5 zones continues with Q1 2026 results expected to optimize recovery methods across different mineralization styles and provide technical data for preliminary economic assessments.

Tudor Gold secured $24.5 million in December 2025 through $13 million flow-through and $11.5 million non-flow-through financings, adding to $14.95 million raised in May 2025 for total 2025 capital of $39.45 million. This financial positioning provides adequate funding for 2026 drilling programs, metallurgical testing, permitting activities, and preliminary engineering studies while maintaining operational flexibility for development planning. The flow-through structure provides tax advantages for exploration expenditures while the non-flow-through component supports corporate activities and development planning initiatives.

Market Context & Competitive Positioning

Tudor Gold's market positioning reflects attractive valuation metrics relative to peer Golden Triangle development projects, trading at approximately CAD $17.8 per contained indicated gold ounce based on current CAD $385 million market capitalization. Comparable developers including NovaGold Resources trade at CAD $161.9 per ounce, Freegold Ventures at CAD $40.5 per ounce, and International Tower Hill Mines at CAD $29.9 per ounce according to September 2025 peer analysis data. This significant valuation discount suggests potential upside upon successful execution of development milestones, particularly given Tudor Gold's infrastructure advantages and established resource base.

The current gold price environment supports advanced-stage project development, with sustained prices above $2,600 per ounce improving project economics and reducing investment risk for development-stage companies. Research Capital maintains analyst coverage with Stuart McDougall providing a CAD $2.00 target price, while Roth Capital's Michael Niehuser also covers the stock, demonstrating institutional research interest. Capital market conditions for quality gold developers have improved significantly compared to 2022-2023, with Tudor Gold's institutional backing including Eric Sprott's 15.1% ownership providing credibility and potential financial support for future development phases.

Tudor Gold's infrastructure advantages and established resource base position it competitively among Golden Triangle projects, while the multi-metal nature containing significant copper and silver credits provides commodity price diversification that can enhance project returns during various market cycles. Recent successful financing demonstrates capital market access during a period of improved investor appetite for quality development projects with near-term production potential and proven management teams. The company's strategic positioning within an active mining district provides operational advantages through access to experienced contractors, established supply chains, and regulatory precedents that can accelerate development timelines.

Technical & Operational Considerations

Tudor Gold's technical testing demonstrates solid recovery rates across ore types, with the SC-1 Zone achieving 85.1% gold recovery via flotation producing 33.6 g/t gold concentrate suitable for standard smelting processes. The Gold-Copper Zone (Lower CS600) shows 80.2% gold recovery, 85.8% copper recovery, and 58.1% silver recovery, producing concentrates grading 30.3% copper, 36.5 g/t gold, and 99.8 g/t silver. These metallurgical results support economic viability assumptions while highlighting the potential for high-grade concentrate production that provides marketing flexibility and potentially enhanced revenue realization through concentrate sales agreements.

Exploration highlights across multiple zones demonstrate geological diversity and development optionality, with Perfectstorm Zone drilling returning hole PS-23-10 with 102.15 meters at 1.28 g/t gold equivalent including 42.5 meters at 1.87 g/t gold equivalent. CBS Zone delivered hole CBS-21-02 with 155.0 meters at 0.82 g/t gold equivalent including 53.0 meters at 1.30 g/t gold equivalent, while Eureka Zone intersected hole EZ-21-01 with 138.5 meters at 0.91 g/t gold equivalent including 67.5 meters at 1.13 g/t gold equivalent. The SC-1 Zone shows visible gold intersections within quartz stockwork systems with previous drilling returning 25.5 meters grading 9.66 g/t gold, representing the highest-grade mineralization encountered to date.

Underground mining technical considerations benefit from comprehensive geological understanding through the extensive drilling database and ongoing technical studies across multiple mineralized zones. The company's September 2025 geotechnical drilling for the underground ramp returned positive results, with both holes intersecting gold mineralization and ending in mineralization associated with the CBS Zone. This geological diversity across Goldstorm, Perfectstorm, CBS, Eureka, and SC-1 zones provides significant optionality for phased development approaches while supporting underground access viability and identifying additional mineralization potential beyond current resource estimates.

Risk Assessment & Mitigation Strategies

Investment in Tudor Gold involves typical development-stage mining risks including permitting delays, capital cost escalation, metallurgical challenges, and commodity price volatility, though several factors help mitigate these risks compared to greenfield exploration projects. British Columbia's established mining framework and the management team's extensive familiarity with local permitting processes reduce regulatory risk, while the Golden Triangle's active mining environment provides regulatory precedents and established consultation procedures with indigenous communities. The company has maintained positive relationships with local First Nations and continues engaging in comprehensive consultation processes required for development approval.

Technical risk is substantially reduced through the extensive 190,000-meter drilling database at Goldstorm, representing comprehensive geological understanding rare among development projects at similar stages. Ongoing metallurgical testing across multiple zones provides technical confidence while identifying potential processing challenges before significant development commitments, allowing for optimization of recovery methods and concentrate production. The multi-zone geological diversity offers development optionality and risk distribution across different mineralization styles, grades, and potential mining methods.

Financial risk mitigation comes through recent $24.5 million December 2025 financing and strong institutional backing, with Eric Sprott's significant 15.1% ownership stake demonstrating long-term commitment and potential support for future financing requirements. The current gold price environment above $2,600 per ounce provides substantial economic cushion for development projects, while Treaty Creek's multi-metal nature with significant copper and silver content provides commodity price diversification and revenue enhancement potential. The company's infrastructure advantages reduce development capital requirements compared to remote projects, while the proven management team's track record at Brucejack Mine provides execution confidence for complex development challenges.

Investment Thesis & Valuation Considerations

Tudor Gold presents a compelling investment case based on converging factors including world-class resource scale, proven management team, strategic Golden Triangle location, advancing technical understanding, and favorable market conditions. The company's evolution toward underground development strategy could unlock significant value through higher-margin mining approaches compared to traditional bulk tonnage scenarios, particularly given the SC-1 Zone's exceptional grade and metallurgical characteristics. At approximately CAD $17.8 per contained indicated gold ounce, Tudor Gold trades at attractive valuations relative to peer development projects, suggesting potential for significant re-rating upon successful execution of development milestones.

The January 2026 resource update represents a near-term catalyst that could drive valuation appreciation if results demonstrate improved grade continuity and underground mining potential through enhanced geological modeling. Successful underground exploration ramp permitting would provide additional validation of the development strategy while enabling more efficient resource definition drilling and year-round operations. The company's proven management team with direct Brucejack Mine experience, established resource base, and strategic positioning provide confidence in successfully navigating complex development challenges while maintaining cost discipline and technical execution standards.

Longer-term value creation depends on successful execution through preliminary economic assessment, environmental permitting, and eventual construction decisions, though Tudor Gold's combination of world-class resources, infrastructure advantages, jurisdiction quality, and management expertise positions it favorably to capitalize on gold market dynamics. The company's multiple development pathways across different zones and mining methods provide optionality and risk mitigation while advancing toward production decisions. Investment returns will likely correlate with successful resource expansion, permitting progress, and broader gold market conditions, with the potential for substantial appreciation given current valuation metrics relative to resource scale and development potential.

Investor Takeaway: Risk-Reward Analysis

Tudor Gold offers investors exposure to one of North America's largest undeveloped gold resources with multiple pathways to value creation through world-class resource scale, proven management expertise, strategic underground potential, and comprehensive 2026 catalyst pipeline. The company's market valuation appears attractive relative to resource scale and development potential, particularly given infrastructure advantages and tier-1 jurisdiction quality in British Columbia's established Golden Triangle mining region. Recent successful financing demonstrates capital market access while providing adequate funding for critical 2026 catalysts including resource updates, permitting milestones, and underground development advancement.

The combination of 21.66 million ounce indicated gold resources, high-grade SC-1 Zone potential, multi-metal revenue diversification, and experienced management team creates a compelling investment profile for investors seeking leveraged exposure to gold price appreciation through quality development assets. The January 2026 resource update and ongoing permitting processes create multiple near-term catalysts that could drive valuation re-rating as the company demonstrates technical progress and development viability. Strategic positioning within an active mining district provides operational advantages while the underground development approach offers potential for higher-margin operations compared to traditional bulk tonnage scenarios.

However, investors must carefully consider execution risks inherent in mine development including permitting timelines, capital requirements, technical challenges, and the inherent uncertainty of transitioning from exploration to mining operations. The current gold price environment provides favorable conditions for development project advancement, while Tudor Gold's multi-metal resource composition offers commodity diversification benefits. Investors seeking advanced-stage gold development exposure should evaluate Tudor Gold's compelling risk-reward profile while maintaining appropriate portfolio position sizing given development-stage risks, capital intensity, and the typical timeline requirements for advancing projects through feasibility studies to production decisions.

The Investment Thesis for Tudor Gold

• Accumulate positions in advance-stage gold developers with proven management teams and world-class assets in tier-1 jurisdictions
• Target companies with clear catalysts within 6-12 months, particularly resource updates and permitting milestones
• Diversify into Golden Triangle projects if gold prices sustain above $2,600/oz to capture regional development momentum
• Consider underground-focused developers as higher-margin alternatives to traditional bulk tonnage scenarios
• Monitor infrastructure advantages and processing synergies when evaluating remote mining projects
• Evaluate market cap-to-resource ratios below $20/oz for development-stage companies with near-term production potential

Tudor Gold's strategic transition toward underground development represents a significant evolution that could unlock substantial value for investors willing to accept development-stage execution risk. The company's combination of world-class resources, proven management credentials, strategic Golden Triangle location, and robust recent financing positions it to capitalize on favorable gold market dynamics while advancing toward production decisions. The management team's direct experience developing the nearby Brucejack Mine provides confidence in executing complex underground development projects within the Golden Triangle's regulatory and operational environment.

The January 2026 resource update and ongoing permitting processes create multiple near-term catalysts that could drive valuation re-rating as the company demonstrates technical progress and development viability through enhanced geological modeling and regulatory advancement. The underground exploration ramp permit approval would validate the development strategy while enabling more efficient resource definition drilling and year-round operations. Investors seeking exposure to advanced-stage gold development with underground upside potential should carefully evaluate Tudor Gold's compelling risk-reward profile while considering the company's infrastructure advantages and proven management team.

TL;DR

Tudor Gold pivots to underground mining strategy at Treaty Creek Project with 21.66 million ounce indicated gold resource, $24.5 million December 2025 financing, proven management team from Brucejack Mine, and multiple 2026 catalysts including January resource update and underground exploration ramp permitting.

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