Tudor Gold Completes Metallurgy With the PEA Among 5 Open 2026 Goals

• Tudor Gold has completed its metallurgical program, the second of the 7 objectives stated for 2026, as of October 2026.
• A Lower Zone gold concentrate recovered 87.3% of the gold, and an Upper Zone gold concentrate recovered 86.3%.
• The preliminary economic assessment (PEA) for an underground mine at Goldstorm remains open.
• Goldstorm's indicated resource totals 24.9 million ounces (Moz) of gold.
• Perfectstorm drilling reached 21,119 meters (m) as of October 2026. 

Tudor Gold (TSXV: TUD) has completed the metallurgical program at its 80%-owned Treaty Creek Project in the Golden Triangle of northwestern British Columbia. As of October 2026, it is the second of the company's 7 stated 2026 objectives to be marked done, following a refined resource estimate intended to provide better visibility into the higher-grade material. Five objectives remain open for the rest of the year, including a preliminary economic assessment (PEA) for an underground mine at the Goldstorm Deposit.  

Metallurgical Program Complete

The program produced concentrates, products in which the valuable minerals have been separated from most of the waste rock, from each zone of the Goldstorm Deposit. An Upper Zone gold concentrate recovered 86.3% of the gold, 85.1% of the silver, and 90.4% of the copper. A Lower Zone gold concentrate recovered 87.3% of the gold, 86.5% of the silver, and 90.6% of the copper.  

In the Central Zone, a combined copper and gold concentrate recovered 82.1% of the gold, 88.7% of the silver, and 94.1% of the copper. The Central Zone copper concentrate on its own graded 28.9% copper, 68.9 grams per tonne (g/t) gold, and 664.0 g/t silver. A blend of the zones returned recoveries of 80.3% for gold, 81.6% for silver, and 89.1% for copper. Calculated head grades, the metal content of the material fed into the tests, ran from 2.22 g/t gold in the Central Zone to 3.57 g/t gold in the Upper Zone.  

President and Chief Executive Officer of Tudor Gold, Joseph Ovsenek, tied the program in April to whether the metal could be sold:  

"We've got metallurgy coming out soon to show that we can take that gold and other minerals that are in the ground there, and actually sell it. We've got a marketable product." 

Each of the 3 zones produced a concentrate recovering at least 82.1% of its gold.

Treaty Creek in the Golden Triangle

Treaty Creek covers 17,913 hectares and borders Seabridge Gold's KSM property to the southwest and Newmont Corporation's Brucejack Mine property to the southeast. Tudor Gold raised its interest to 80% through the acquisition of American Creek Resources. The project lies 40 kilometers (km) from paved Highway 37, along which the Northwest Transmission Line runs, and Stewart offers deep-water port facilities. 

Goldstorm is the one deposit defined at Treaty Creek so far, while KSM hosts 5. Tudor Gold's management team discovered, developed, and operated the Brucejack Gold Mine 20 km to the south, and Pretium Resources' executive team took Brucejack from discovery to commercial production in under 8 years.   

Underground Development Path  

Tudor Gold is assessing higher-grade mineralization of 2 to 3 g/t gold for initial mine development. It also plans to follow up on high-grade mineralization in the SC-1 Zone to assess the potential for an underground high-grade mine. It has filed a permit application to build an underground ramp to drill the SC-1 Zone. Net smelter return (NSR) is the value of the metal after smelting and transport charges. At an NSR cut-off value of US$125 per tonne, the Indicated resource totals 102.1 million tonnes at 1.78 g/t gold, equating to 5.8 million ounces (Moz) of gold.  

The PEA underway evaluates placing Goldstorm into production as an underground mine. In April 2026, the PEA concept was an operation of 10,000 tons a day that would start at a higher cut-off grade to repay its capital cost, then lower the cut-off grade to bring in more material.

Ovsenek laid out what the ramp is built to reach:  

"What we want to do for our Goldstorm deposit, where we have our resources, is drive a ramp underground, get down to where we have that inferred gold of 4 million ounces, 1.43 grams per ton, open, completely open, and drill it nice from underground where it's easier to access, and we can drill all year."

As of October 2026, the permit for the underground exploration ramp had not been received.

Five Objectives Left for 2026   

With metallurgy complete, 5 of the 7 stated 2026 objectives are open. They are consolidating ownership of Treaty Creek, completing the 2026 exploration drill program, receiving the underground ramp permit, developing a resource estimate for an additional deposit, and completing the PEA. The PEA is the first step toward production, and consolidating the ownership structure and resolving overlapping interests are part of its strategy. 

In April 2026, management targeted completion of the PEA for the summer. As of October 2026, it was still listed as open. 

Ovsenek ranked the study above the other catalysts on his list:

"And finally, the big one for us is getting that PEA. Show people that this Treaty Creek is not just a big gold discovery, but actually it's going to be a mine." 

For investors, completed metallurgy means recovery results now exist for the Upper, Central, and Lower zones ahead of the study. Of the 5 open items, the PEA and the ramp permit apply to underground development at Goldstorm, while the drill program and an additional resource estimate apply to growth beyond it.

Goldstorm Resource & Exploration Drilling

Goldstorm's indicated resource totals 24.9 Moz of gold, 148.7 Moz of silver, and 3.048 billion pounds of copper at 0.85 g/t gold. Its inferred resource adds 4.0 Moz of gold. The deposit is open in all directions.   

Exploration for an additional deposit has focused on Perfectstorm, where 21,119 meters (m) had been drilled as of October 2026, against more than 190,000 m at Goldstorm. CBS has 5,078 m of drilling, and Eureka has 3,659 m. 

Tudor Gold reported results from 10 Perfectstorm holes on September 17, 2026, with the porphyry system, a large body of mineralized intrusive rock, open in all directions. True widths, the actual thickness of the mineralized intervals, were not yet determined. At that date, 4 near-surface follow-up holes were awaiting results, with 2 drills still active at Perfectstorm.

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