Tudor Gold Corporate Update: 8 Things You Need to Know

Project Overview

Tudor Gold. (TSX-V: TUD) is advancing the Treaty Creek Project, a gold-copper-silver deposit located in British Columbia's Golden Triangle, one of the most prolific mining districts in North America. The project's Goldstorm Deposit hosts an Indicated Mineral Resource of 912.3 million tonnes at 0.85 grams per tonne (g/t) gold, 0.15% copper, & 5.07 g/t silver, containing 24.9 million ounces of gold, 3.048 billion pounds of copper, & 148.7 million ounces of silver, as disclosed in the NI 43-101 Technical Report, Treaty Creek Project, British Columbia, dated November 30, 2025. Tudor holds an 80% interest in the project & is targeting a Preliminary Economic Assessment (PEA) as its primary 2026 development milestone. The 2026 work program is structured around improving grade visibility, advancing underground access to a high-grade zone, completing processing test work, & progressing the ownership & permitting conditions required before the PEA can be converted into a financing event.

1. The Resource Is No Longer the Headline. Grade Distribution Is

The Goldstorm Deposit is structured across 3 zones with materially different gold grades. The Upper zone contains an Indicated grade of 0.96 g/t gold for 7.8 million ounces. The Central zone grades 0.71 g/t gold for 10.3 million ounces, the largest single ounce block in the resource but at the lowest grade of the 3 zones. The Lower zone grades 1.03 g/t gold for 6.9 million Indicated ounces.

The overall resource grade of 0.85 g/t gold is not the grade Tudor is designing an initial mine around. The company is targeting the subset of the deposit grading 2 to 3 g/t gold for initial mine development, which carries materially different construction cost & profit margin assumptions than a full large-scale mining scenario. The higher-confidence resource at the targeted grade range stands at 21.8 million tonnes at 3.64 g/t gold for 2.6 million ounces of gold, which reflects the higher-grade core management is most explicitly targeting for early mine sequencing.

2. The Grade Sensitivity Tables Define the Mine Design Range

At a moderate value threshold, the Goldstorm Deposit contains 102.1 million higher-confidence tonnes at 1.78 g/t gold for 5.8 million ounces of gold. At a higher value threshold, that inventory narrows to 45.1 million tonnes at 2.33 g/t gold for 3.4 million ounces of gold, with an additional 18.3 million tonnes at 4.02 g/t gold for 2.4 million ounces of gold carrying a lower confidence classification.

The difference between a 912-million-tonne large-scale mining scenario & a 45-million-tonne higher-grade scenario determines whether the project requires a major mining company's balance sheet or can be financed by a mid-size operator. Tudor's stated 2026 objective is to refine the resource model to improve visibility of the higher-grade zones. Until that work is complete, the grade sensitivity tables represent the outer boundaries of what the PEA will model, not a confirmed mine plan.

3. The SC-1 Zone Introduces a Higher-Grade Underground Option

The SC-1 Zone is a structurally distinct high-grade gold target within the Treaty Creek Project footprint, separate from the large-scale Goldstorm system. Processing test work on the SC-1 Zone returned gold recovery of 85.1% with the recovered material grading 33.6 g/t gold. A discrete underground mining operation targeting the SC-1 Zone would carry lower upfront construction costs & a smaller processing footprint than a large open-pit scenario, but the zone has not yet been drilled from underground positions at the detail required to define a resource.

A permit application has been filed for approval to construct an underground access tunnel to reach the SC-1 Zone. Permit approval allows Tudor to begin generating the underground drill data needed to define a resource & potentially a standalone economic study for the zone. Delay pushes that optionality beyond 2026. Investors should treat permit status as the primary near-term catalyst for this thread of the development story.

4. Processing Test Results Are Commercially Viable. But the Program Is Incomplete

Processing tests on the Gold-Copper Zone returned copper recovery of 85.8%, silver recovery of 58.1%, & gold recovery of 80.2% through a combination of flotation & leaching. The recovered material grades 30.3% copper, 36.5 g/t gold, & 99.8 g/t silver. A copper product grading 30.3% copper with payable gold & silver is within the acceptance range of major copper refineries, reducing the commercial risk on product sales.

These results represent early-stage processing tests. Completion of the full processing test program is listed as a 2026 objective, meaning the detailed test work required to support a PEA has not yet been completed. Project value & unit cost estimates derived from early-stage test results will carry a wider uncertainty band than the market will assign to a PEA-grade dataset. Completion of the program is the event that collapses that uncertainty.

5. The PEA Is the Valuation Anchor the Market Is Missing

The Treaty Creek Project has no published economic study to date. A PEA on placing the Goldstorm Deposit into underground production is now underway & will be the first document to establish a management-sanctioned project value, return on investment, initial construction cost, & operating cost structure for the project. Without those parameters, investors must assume a mine plan, a processing rate, a construction cost, & a gold price to assign any value to the project, all of which are currently unverified inputs.

If the PEA delivers results that are strong at a conservative gold price, the discount the market is currently applying to Treaty Creek compresses. If the PEA reveals construction costs or operating costs that reduce project returns, the current discount may prove appropriate. Either outcome gives investors a basis for a decision that the current resource-only disclosure does not.

6. Infrastructure Access Lowers the Construction Cost Hurdle

Treaty Creek sits 40 kilometres from Highway 37, an all-weather paved road. The Northwest Transmission Line extends along Highway 37, providing grid power access in the corridor. Deep-water ocean port facilities in Stewart, British Columbia, provide a product export route. Water is accessible year-round on site. These 4 infrastructure components, road, power corridor, port, & water, are accessible from the Treaty Creek Project site, reducing the construction requirements relative to comparable deposits in less-developed jurisdictions.

The mining industry accounts for $18 billion of British Columbia's annual economic activity, as reported in the Mining Association of British Columbia 2025 Economic Impact Study. The Premier of British Columbia announced a strategy for Golden Triangle mining development in May 2025, & the BC Minister of Mines stated the same month that the province is working to position northwest British Columbia as a key economic driver for Canada. For investors benchmarking Treaty Creek's construction cost against comparable undeveloped deposits in jurisdictions requiring roads, power, & port access to be built from scratch, the existing infrastructure position at Treaty Creek reduces the upfront cost that will appear in the PEA.

7. The Management Team Has Done This Before, at the Same Address

Every member of Tudor's senior executive team held a role at Pretium Resources during the development & operation of the Brucejack Mine, located 20 kilometres south of Treaty Creek. President & Chief Executive Officer Joseph Ovsenek led the Pretium Resources executive team in advancing the Brucejack Mine from discovery to commercial production in under 8 years. Senior Vice President Exploration Ken Konkin, P.Geo., served as Project Manager for Brucejack at Pretium Resources. Vice President Project Development Ken McNaughton served as Chief Exploration Officer at Pretium Resources. Chief Financial Officer Grant Bond was Corporate Controller at Pretium Resources. Vice President External Affairs Michelle Romero was Executive Vice President, Corporate Affairs & Sustainability at Pretium Resources.

The team has navigated the same British Columbia permitting framework, the same First Nations consultation obligations, & the same logistical supply chain that Treaty Creek will require. Goldstorm is a large-scale bulk mining deposit, not a high-grade narrow-vein deposit like Brucejack, so the mine design will differ materially, but the regulatory & permitting execution risk at Treaty Creek is lower than it would be with a team without that direct Golden Triangle production track record.

8. Ownership Consolidation Is a Necessary Condition, Not a Sufficient One

Tudor holds an 80% interest in the Treaty Creek Project. That majority position gives Tudor direct authority over budget decisions, study commissioning, & PEA timeline management without requiring approval from other project stakeholders for each decision. The outstanding issue is the resolution of overlapping ownership interests within the Treaty Creek Project, listed as a 2026 strategic objective. Unresolved ownership overlaps create a due diligence barrier that any prospective partner, whether a major mining company or a project financier, will require to be cleared before engaging. Ownership consolidation is a prerequisite for the PEA to attract the counterparty interest that converts a planning study into a funded development project.

Key Takeaway for Investors

• Tudor's 80% majority position gives the company operational control, but unresolved overlapping interests create a due diligence barrier that will slow or prevent engagement from major mining companies & project financiers until resolved.
• The 2026 resolution target is not a housekeeping item. It is a precondition for the PEA to function as a financing catalyst rather than simply a planning document.
• Both the resolution of overlapping ownership interests & the PEA must be in place for Treaty Creek to attract the transaction that converts a world-scale resource into a funded development project.
• Investors should monitor ownership resolution alongside the PEA timeline as equally consequential near-term milestones.

The Bottom Line

Tudor Gold enters the second half of 2026 with a resource base that has answered the scale question. What the market is waiting for is the economic framework. A refined resource model targeting better grade visibility, a completed processing test program, a permit decision for the SC-1 underground access tunnel, & a PEA now underway are the 4 deliverables that will determine whether Treaty Creek is repriced from a resource story to a development story. Tudor is also targeting a resource estimate for an additional deposit at Treaty Creek beyond Goldstorm in 2026. The PEA, as the first document to assign a project value & return on investment to Treaty Creek, carries the highest single-event valuation consequence of any near-term catalyst. Investors tracking Tudor (TSX-V: TUD) should monitor the sequence of these deliverables, as each completed item incrementally reduces the information discount the market is currently applying to one of the largest undeveloped gold-copper-silver deposits in North America.