Tudor Gold: Perfectstorm Adds Exploration Optionality to Treaty Creek's Goldstorm Development Case

• Tudor Gold reported results from 10 drill holes at Perfectstorm, which expand the porphyry system and support the potential for continuity of the near-surface epithermal system.
• Key porphyry intercepts included 101.00 meters at 0.98 grams per tonne gold and 9.39 grams per tonne silver, and 66.70 meters at 1.12 grams per tonne gold and 7.04 grams per tonne silver.
• Perfectstorm has no defined Mineral Resource, while true widths and the orientation of the mineralized body remain undetermined.
• Goldstorm remains Treaty Creek’s development anchor, with 24.9 million ounces of Indicated gold and 4.0 million ounces of Inferred gold.
• Tudor Gold is advancing Goldstorm’s Preliminary Economic Assessment (PEA) and underground ramp permit while continuing drilling and awaiting additional assays from Perfectstorm.

Perfectstorm: A Second Mineralization System Still Being Defined

On September 17, 2026, Tudor Gold (TSXV: TUD | Frankfurt: H56 | OTC: TDRRF) reported results from 10 drill holes at the Perfectstorm Zone, part of the 2026 Treaty Creek Project exploration program, expanding the copper-gold-silver-molybdenum porphyry system (PSP Zone) and confirming continuity potential for the near-surface gold-dominant epithermal system (PSE Zone). One porphyry-zone hole intersected 101.00 meters grading 0.98 grams per tonne gold and 9.39 grams per tonne silver, including a higher-grade 4.50-meter interval of 5.15 grams per tonne gold and 171.68 grams per tonne silver; another intersected 66.70 meters at 1.12 grams per tonne gold and 7.04 grams per tonne silver, including a 0.80-meter interval grading 44.38 grams per tonne gold and 440.00 grams per tonne silver. In March 2026, Tudor Gold shows 7,752 meters already drilled at Perfectstorm by that point, including an earlier hole that returned 102.15 meters at 1.23 grams per tonne gold and 3.43 grams per tonne silver, including 42.5 meters at 1.80 grams per tonne gold and 5.76 grams per tonne silver, so the September 17 results extend an existing program rather than opening a new discovery.

Surface sampling 1.2 kilometers northwest of the current drilling returned results up to 13.54 grams per tonne gold, and 4 near-surface follow-up holes have already been drilled, with results pending; 2 drills remain active at Perfectstorm, focused on priority target areas identified by the latest results. Treaty Creek hosts 2 further gold discoveries beyond Perfectstorm and Goldstorm, the CBS and Eureka zones, where the company shows 3,380 meters drilled to date at CBS, including a historical intercept of 155.0 meters at 0.78 grams per tonne gold and 2.34 grams per tonne silver, and 3,659 meters drilled to date at Eureka, including a historical intercept of 138.5 meters at 0.82 grams per tonne gold and 3.80 grams per tonne silver. Together, these zones establish that Treaty Creek's mineralization extends well beyond the Goldstorm footprint, with the same exploration-stage status Perfectstorm currently holds.

Tudor Gold's own disclosure states that all assay values in the September 17 release are uncut, and that interval lengths reflect drilled intercept lengths rather than true widths, because the mineralized body's orientation has not yet been determined; further drilling is required to determine that orientation and the resulting true widths. The PSP porphyry system is stated by the company to remain open in all directions, though the release does not make the equivalent statement about the PSE epithermal system, and no Mineral Resource or metallurgical recovery data exists for Perfectstorm material as a whole. Tudor Gold's cautionary disclosures identify company-level risks bearing on its exploration and development activities generally, including interpretation of drill results and other exploration data, the geology, grade and continuity of mineral deposits, the availability of financing on reasonable terms, potential delays in exploration or development activities, and the possibility of disagreements with joint venture partners over how exploration activities are conducted.

Goldstorm: The Development Anchor

Goldstorm's 2026 Mineral Resource Estimate (MRE), reports Indicated Mineral Resources of 24.9 million ounces of gold, 148.7 million ounces of silver and 3,048.0 million pounds of copper, and Inferred Mineral Resources of 4.0 million ounces of gold, 18.6 million ounces of silver and 327.7 million pounds of copper, with the company’s own net smelter return (NSR) cutoff sensitivity table showing this 4.0 million ounce figure applies at a US$50-per-tonne cutoff. 

Tudor Gold has filed a permit application to construct an underground ramp to access the high-grade gold SC-1 Zone, and a Preliminary Economic Assessment (PEA) for placing Goldstorm into underground production is underway. The company's stated 2026 plans list this development work, completing a metallurgical program, receiving the ramp permit, and completing the PEA, as separate line items from Perfectstorm's exploration work, which instead includes completing the 2026 exploration drill program and developing a Mineral Resource estimate for an additional deposit at Treaty Creek.

Metallurgical testing on Goldstorm material has already returned 85.8% copper recovery and 58.1% silver recovery with flotation, and 80.2% gold recovery with flotation and leaching of flotation tails, producing a concentrate grading 30.3% copper, 36.5 grams per tonne gold and 99.8 grams per tonne silver from the Gold-Copper Zone; the High-Grade Gold Zone separately returned 85.1% gold recovery with flotation and a concentrate grading 33.6 grams per tonne gold. No equivalent metallurgical data exists yet for Perfectstorm.

Infrastructure, Management & Capital Structure

Treaty Creek sits 40 kilometers from all-weather, paved Highway 37, has year-round water access, and can draw power from the Northwest Transmission Line, which runs along Highway 37; the project also has access to deep-water ocean port facilities in Stewart. British Columbia's mining industry accounted for C$18 billion of the province's annual economic activity, according to the MABC 2025 Economic Impact Study cited in Tudor Gold's presentation, and British Columbia's Premier announced a strategy for Golden Triangle mining development, as reported by North of 60 Mining News on May 28, 2025.

Several members of Tudor Gold's management team previously worked together at Pretium Resources on the Brucejack Mine, located 20 kilometers south of Treaty Creek. President & Chief Executive Officer Joseph Ovsenek was formerly President & CEO of Pretium Resources and led the executive team that advanced Brucejack from discovery to commercial production in under 8 years; Senior Vice President, Exploration Ken Konkin, the Qualified Person for Tudor Gold's exploration disclosure, was formerly Project Manager for the Brucejack Mine at Pretium Resources.

As of January 22, 2026, Tudor Gold had 406,471,241 shares issued, 33,218,810 options, and 31,609,430 warrants outstanding, for a fully diluted share count of 471,299,481, representing a C$548.74 million market capitalization at C$1.35 per share. Insiders held 30.0%, of which Tudor Holdings accounted for 13.3%, while 2176423 Ontario Ltd., an entity associated with Eric Sprott, held a separate 14.1% position; institutions held 13.6%, and retail investors held 59.0%. The company's 80% interest in Treaty Creek followed the acquisition of American Creek Resources' interest in the project, and the project carries analyst coverage from Research Capital and Roth Capital.

What Perfectstorm Adds to the Tudor Gold Case

Perfectstorm gives Treaty Creek an exploration system outside the defined Goldstorm resource, adding a second, independently trackable target to the property's exploration inventory, and the porphyry mineralization at the Perfectstorm porphyry zone alongside the epithermal mineralization at the Perfectstorm epithermal zone represent two distinct geological styles, broadening the range of targets under evaluation on a single property. Goldstorm's existing 24.9 million ounce Indicated and 4.0 million ounce Inferred gold resource gives the company an established base for its underground ramp permit application and PEA, listed in the company's 2026 plans as a separate line item from Perfectstorm's exploration program, even as Perfectstorm's mineralized body has true widths not yet determined, so any future contribution to a defined resource depends entirely on further drilling and remains unproven. Goldstorm's development studies and Perfectstorm's exploration drilling are running as two separate workstreams, giving the company more than one near-term catalyst path to track, and several members of Tudor Gold's management team bring past experience from advancing the Brucejack Mine from discovery to commercial production at Pretium Resources, relevant background for both project development and exploration work generally.

Perfectstorm does not change the fact that Goldstorm remains Treaty Creek's only defined Mineral Resource and its nearest path to a production decision. What it does is give Tudor Gold two separately listed near-term catalysts to track: Goldstorm's permitting and PEA timeline, and Perfectstorm's ongoing assay results, with no defined resource yet attached to the latter.

The Investment Thesis for Tudor Gold

• Tudor Gold holds an 80% interest in the Treaty Creek Project, where the Goldstorm Deposit already carries a defined Indicated Mineral Resource of 24.9 million ounces of gold and an Inferred Mineral Resource of 4.0 million ounces of gold, and the project hosts one of the largest gold-copper-silver deposits in North America.
• The company is advancing a Preliminary Economic Assessment for placing the Goldstorm Deposit into underground production, while a separate permit application for an underground exploration ramp is pending approval, giving investors two distinct, near-term regulatory and technical milestones to track independently.
• The Perfectstorm zone adds an independently trackable exploration target beyond Goldstorm, hosting both porphyry-style and epithermal-style gold mineralization. However, this target has no defined Mineral Resource, and its true widths have not yet been established, so its eventual contribution to the property remains unproven rather than assumed.
• Treaty Creek benefits from paved highway access, year-round water availability, proximity to the Northwest Transmission Line, and deep water port facilities in Stewart.
• Several members of Tudor Gold's management team have experience advancing the Brucejack Mine from discovery to commercial production in under 8 years while at Pretium Resources, and insider ownership stands at 30% of the company, including a 14.1% position held by Eric Sprott.

Together, these elements position Tudor Gold as a company advancing a defined, multi-million-ounce gold resource toward a production decision while simultaneously expanding its exploration inventory through Perfectstorm, giving investors exposure to both a near-term development timeline at Goldstorm and a longer-dated, unproven exploration option elsewhere on the same property.

TL;DR

Tudor Gold's September 17, 2026 Perfectstorm drill results extend a mineralized system that carries no defined resource and has true widths not yet determined, running as a separate exploration workstream alongside the company's work to advance the 24.9 million-ounce Indicated Goldstorm resource toward an underground ramp permit and a PEA.

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