Tudor Gold Looks Beyond Goldstorm at Treaty Creek

• Tudor Gold has launched a minimum 10,000-metre, 2-drill program at Treaty Creek in British Columbia's Golden Triangle, with CBS & Perfectstorm zones as primary targets for the 2026 season.
• The Goldstorm Deposit holds Indicated Mineral Resources of 24.9 million ounces of gold, 148.7 million ounces of silver, & 3.048 billion pounds of copper, per the NI 43-101 Technical Report (NI 43-101) dated November 30, 2025.
• Phase 1 targets the CBS Zone with a minimum 2,000 metres of drilling, building on a prior intersection of 0.78 grams per tonne (g/t) gold & 2.34 g/t silver over 155 metres; CBS sits at a lower elevation than other Treaty Creek zones, allowing earlier & later seasonal drilling.
• Phase 2 targets the Perfectstorm Zone with a minimum 8,000 metres, following a 2023 intercept of 1.23 g/t gold & 3.43 g/t silver over 102.15 metres, including 1.80 g/t gold & 5.76 g/t silver over 42.5 metres.
• A Preliminary Economic Assessment (PEA) on Goldstorm as an underground mine is underway, & a permit application has been filed for an underground access ramp to drill the high-grade SC-1 Zone.

Why Treaty Creek Is More Than Goldstorm

For most investors tracking Tudor Gold (TSXV: TUD), Treaty Creek & the Goldstorm Deposit are the same story. That is understandable. Goldstorm holds Indicated Mineral Resources of 24.9 million ounces of gold, 148.7 million ounces of silver, & 3.048 billion pounds of copper, per the NI 43-101 dated November 30, 2025, making it one of the largest undeveloped gold-copper-silver deposits in Canada. The Inferred Mineral Resource adds a further 2.6 million ounces of gold, 7.2 million ounces of silver, & 67.9 million pounds of copper.

But Tudor's 2026 drill program, which commenced in May 2026 with 2 diamond drills active at the 17,913-hectare project in British Columbia's Golden Triangle, does not drill Goldstorm at all. The entire minimum 10,000-metre program is directed at 2 other zones on the property: CBS & Perfectstorm. That choice signals that management sees Treaty Creek as a broader mineralized system, not a single deposit with surrounding noise.

CBS Zone: A Seasonal Advantage & A Possible Connection To Goldstorm

Phase 1 allocates a minimum 2,000 metres to the CBS Zone. The program builds on drill hole CBS-21-02, which previously returned 0.78 g/t gold & 2.34 g/t silver over 155 metres, including a higher-grade interval of 1.24 g/t gold & 4.35 g/t silver over 53 metres. Research from the Mineral Deposit Research Unit (MDRU) at the University of British Columbia, combined with Tudor's own geological work, suggests CBS may share a common origin with Goldstorm. If 2026 drilling supports that interpretation, it would mean the 2 zones are part of the same larger system rather than separate, unrelated occurrences.

CBS also offers a practical advantage that matters in the Golden Triangle. It sits at a lower elevation than the other known zones at Treaty Creek, which means it can be drilled earlier in the spring & later into the autumn. In a region where weather limits the annual drilling window, that flexibility adds metres to each season & reduces the risk of programs being cut short.

Perfectstorm Zone: The Bigger Bet Of The 2026 Program

Phase 2 targets the Perfectstorm Zone with a minimum 8,000 metres, the larger of the 2 allocations. The 2023 drill program returned hole PS-23-10, which intersected 1.23 g/t gold & 3.43 g/t silver over 102.15 metres, including 1.80 g/t gold & 5.76 g/t silver over 42.5 metres, per the May 21, 2026 news release. Those results justify the larger metre commitment in 2026.

Perfectstorm sits along the same geological corridor as Goldstorm & carries 2 distinct styles of gold & silver mineralization within the same zone. Drill hole PS-21-03 shows mineralization similar in character to Goldstorm itself, while PS-23-10 shows a different, higher-grade style. The presence of both in a single zone means the 2026 program has multiple ways to return meaningful results. The program also follows up on geophysical surveys completed in 2022, giving management several years of data to guide where the drills go.

What This Means For The Mine Economics

Tudor has filed a permit application to construct an underground access ramp into the SC-1 Zone, a high-grade area within Goldstorm, & a PEA is now underway to model what a producing mine at Treaty Creek could look like. Those 2 processes make the 2026 exploration program more consequential than a routine drill campaign.

If CBS is confirmed as part of the same mineralizing system as Goldstorm, it could inform how the deposit is modelled & potentially add feed sources to the mine plan at a lower elevation, with a longer seasonal drilling window. If Perfectstorm produces resource-quality results, it adds further inventory to a project already defined by a large resource base. Both outcomes would arrive while the PEA is still being built, giving the technical team the opportunity to incorporate new data before production assumptions are locked in. The 2 drills are targeting to continue through late September to early October 2026.

The Investment Thesis for Tudor Gold

• The Goldstorm Deposit's combined Indicated & Inferred gold resources of 24.9 million ounces & 2.6 million ounces respectively, per the November 30, 2025 NI 43-101, provide a foundation large enough to support a multi-zone exploration program across Treaty Creek's 17,913 hectares.
• CBS's potential genetic link to Goldstorm, if confirmed by 2026 drilling, would expand the known mineralized footprint available to the PEA mine plan without requiring new property acquisitions.
• CBS's lower elevation extends the annual drilling season, reducing weather-related interruptions common to Golden Triangle exploration programs.
• Perfectstorm's 2 mineralizing styles increase the probability that 2026 results include higher-grade intervals, building on the 1.80 g/t gold over 42.5 metres returned in PS-23-10 in 2023.
• Any positive 2026 results from CBS or Perfectstorm arrive while the PEA is still in progress, with the potential to influence mine design assumptions before the assessment is finalized.
• Tudor's 80% interest in Treaty Creek, bordering Seabridge Gold's KSM property to the southwest & Newmont Corporation's Brucejack Mine to the southeast, places the project within a district with established infrastructure precedents from operating neighbours.

Tudor Gold's decision to direct its entire 2026 program away from Goldstorm & toward CBS & Perfectstorm is a signal worth reading carefully. The company is not trying to make Goldstorm bigger. It is testing whether Treaty Creek works as a district, one where multiple zones contribute to a mine plan rather than a single deposit carrying all the weight. With the PEA now underway & a permit application filed for underground access to the SC-1 Zone, the results from CBS & Perfectstorm this season will land at a moment when they can directly influence how Treaty Creek's production potential is modelled. Investors should watch drill results from both zones through the second half of 2026 & monitor PEA progress for indications of how the broader district picture is being factored into the mine economics.

TL;DR

Tudor Gold's 2026 drill program skips Goldstorm entirely & directs its minimum 10,000 metres across CBS & Perfectstorm, 2 zones that could expand Treaty Creek's mineralized footprint & feed directly into a PEA now underway, making this season's results more consequential than a routine exploration campaign.

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