Tudor Gold Files Technical Report, Sets Stage for PEA at Treaty Creek

• Treaty Creek hosts a 24.9 million ounce indicated gold resource and a 4.0 million ounce inferred gold resource, validated by the 2026 National Instrument 43-101 (NI 43-101) technical report, establishing the baseline for the Preliminary Economic Assessment (PEA).
• The 2026 Mineral Resource Estimate (MRE) highlights higher-grade zones at 8.4 million ounces at 2.5 grams per tonne of gold at a $125 per tonne net smelter return (NSR) cut-off and 5.8 million ounces at 2.5 to 2.8 grams per tonne of gold at a $175 per tonne NSR cut-off, defining the mineable core for the PEA.
• Tudor Gold plans a high-grade underground operation processing 8,000 to 10,000 tonnes per day with a capital expenditure of $1 billion to $1.5 billion, targeting faster production without a joint venture partner.
• Preliminary metallurgical testing indicates up to 85.1% gold recovery and 85.8% copper recovery, supporting the processing route.
• Key risks to the PEA include potential variations in metallurgical recoveries, grade continuity within higher-grade zones, project financing, commodity price fluctuations, and permitting requirements in British Columbia’s Golden Triangle.

The NI 43-101 Filing & Its Development Implications

Tudor Gold has de-risked the path to its third quarter of 2026 preliminary economic assessment (PEA) by filing the formal National Instrument 43-101 (NI 43-101) technical report for the Treaty Creek Project, establishing a 24.9 million ounce indicated gold resource and a 4.0 million ounce inferred gold resource as the validated technical baseline for the study. The report was prepared by Garth Kirkham, Professional Geoscientist (P.Geo.) of Kirkham Geosystems Ltd., and Renee Goold, Professional Engineer (P.Eng.) of Fuse Advisors Inc., both independently qualified persons under NI 43-101. The filing marks the conclusion of the resource definition phase following a structured development sequence, moving from the initial resource update to the formal technical report filing within roughly 60 days, moving the project into PEA planning. This sequence positions the project for a focused economic evaluation and provides a formal technical baseline for the planned PEA.

The development sequence reflects a clear progression from the initial resource update to the technical report filing, locking in the updated 2026 Mineral Resource Estimate (MRE) for the Goldstorm Deposit to serve as the foundation for the upcoming Preliminary Economic Assessment. The MRE outlines an indicated resource of 24.9 million ounces of gold at 0.85 grams per tonne and an inferred resource of 4.0 million ounces at 1.43 grams per tonne, providing the foundation for the upcoming PEA.

The Resource: What the Cut-Off Grades Show

The 2026 Mineral Resource Estimate provides a base case of 24.9 million ounces indicated at the Goldstorm Deposit, but the PEA is centered on a higher-grade subset. Sensitivity analysis using net smelter return (NSR) cut-offs identifies zones capable of supporting a smaller underground operation. At a $125 per tonne NSR cut-off, the resource yields 8.4 million ounces at approximately 2.5 grams per tonne of gold, while a $175 per tonne cut-off isolates 5.8 million ounces, comprising 3.4 million indicated and 2.4 million inferred ounces, at an average grade between 2.5 and 2.8 grams per tonne gold. These higher-grade zones define the mineable core around which the PEA is being designed.

President & Chief Executive Officer, Joe Ovsenek, described the strategic rationale for the underground-focused approach:

"We feel a smaller higher grade underground line, small footprint, is really the way to move forward quickly up in the golden triangle, get out of the weather."

Treaty Creek benefits from its proximity to infrastructure, located 40 kilometers from all-weather Highway 37, adjacent to the Northwest Transmission Line, with Stewart deep-water port available for concentrate export.

Path to Production: Capex, Metallurgy & Timeline

The PEA will evaluate the viability of a high-grade underground mine operating at 8,000 to 10,000 tonnes per day, targeting mineralization above 2.5 to 3 grams per tonne gold.

Ovsenek described why the company is taking this approach rather than pursuing the entire bulk resource:

“Now that's a big mine, and to mine that you're mining 150,000 175,000 tons a day. Probably about a 10 billion capex, maybe a bit less than that. But you know it's a big mine and that's not something that we're going to be able to push through on our own. You'd need a major to come in and really make that happen. We don't like sitting around waiting for somebody else to come along and make things happen.”

Preliminary metallurgical testing supports the proposed processing route, showing 85.1% gold recovery on the SC-1 high-grade target, 85.8% copper recovery on the Lower CS600 zone, and 80.2% gold recovery on flotation and leach tailings. Final metallurgical results are expected by the end of the first quarter of 2026, confirming processing feasibility ahead of the PEA.

What Still Needs to Be Proven Before the PEA Delivers

Key technical risks include potential variations in final metallurgical recoveries compared to preliminary results, which could affect project economics, and grade continuity within the higher-grade zones, as drill coverage is limited relative to the bulk resource. 

External risks include the uncertainty of securing project financing within the $1 to 1.5 billion capex range, commodity price fluctuations, and capital market conditions that could influence study outputs. Permitting in British Columbia’s Golden Triangle is subject to regulatory review and First Nations consultation.

The Investment Thesis for Tudor Gold

• The recently filed National Instrument 43-101 technical report formally validates that Treaty Creek hosts 24.9 million ounces of indicated gold and 4.0 million ounces of inferred gold, providing an independently verified foundation for economic evaluation.
• The project is focused on smaller, higher-grade underground zones greater than 2.5 grams per tonne, significantly reducing initial capital requirements and accelerating the development timeline.
• The planned underground operation is expected to process 8,000 to 10,000 tonnes per day with a capital expenditure of $1 billion to $1.5 billion, a scale Tudor Gold can feasibly build without needing a major joint venture partner.
• Preliminary metallurgical results support a viable processing route, with gold recoveries of up to 85.1% and copper recoveries of up to 85.8%, providing confidence in the planned processing strategy ahead of final results.
• The third quarter 2026 Preliminary Economic Assessment will deliver the first formal economic framework and establish a valuation benchmark, offering flexibility in optimizing mine design and production sequencing.

The third quarter 2026 Preliminary Economic Assessment is the next definitive valuation inflection point for Treaty Creek. It will deliver the first formal economic framework for the high-grade underground operation, giving a concrete basis to assess project viability, capital requirements, and potential returns against the current market valuation.

TL;DR

Tudor Gold’s National Instrument 43-101 filing formally validates a 24.9 million ounce indicated and 4.0 million ounce inferred gold resource at Treaty Creek. The company is targeting a high-grade underground PEA in the third quarter of 2026, with a smaller, higher-grade operation designed to accelerate production and enhance project economics.

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