Tudor Gold Targets Summer 2026 Preliminary Economic Assessment at Treaty Creek

• Tudor Gold holds an 80% interest in the Treaty Creek project in British Columbia's Golden Triangle, hosting 24.9 million indicated ounces of gold at 0.85 g/t and 4 million inferred ounces at 1.43 g/t, making it one of the most significant gold discoveries in the past three decades.
• A recently updated resource estimate reveals meaningful higher-grade subsets: 8.4 million ounces at approximately 2.5 g/t gold above the $125/t NSR cutoff, and 5.8 million ounces at roughly 2.8 g/t above the $175/t cutoff, supporting a focused underground mining strategy.
• Management is targeting a Preliminary Economic Assessment (PEA) for a high-grade underground mine, estimated at 8,000-10,000 tonnes per day with capital expenditure of approximately $1-1.5 billion, by summer 2026; supported by metallurgical studies and mine planning expected to conclude by end of Q1 2026.
• The company controls a strategic land position that sits between Seabridge Gold's KSM deposits and their planned mill facility, positioning Treaty Creek as the gateway to one of the largest undeveloped gold-copper districts in the world.
• A $15 million summer 2026 exploration program targets new deposit zones, CBS, Eureka, and Perfect Storm, with an initial goal of delineating at least 5 million additional gold ounces, reinforcing Treaty Creek's long-term potential well beyond the Gold Storm deposit.

Company Overview

Tudor Gold Corp. is a Canadian junior mining company with a singular focus: advancing the Treaty Creek project in northwest British Columbia toward production. Situated in the renowned Golden Triangle, a region that has historically yielded some of Canada's most significant mineral discoveries, Treaty Creek hosts the Gold Storm deposit, which management describes as one of the largest gold discoveries made in the last 30 years.

The company holds an 80% interest in Treaty Creek, with Teuton Resources retaining the remaining 20%. Tudor Gold is evaluating whether to consolidate its interest to 100%, with management suggesting that full ownership could meaningfully increase the sum-of-the-parts value for shareholders.

The project sits approximately 70 kilometres north of Stewart, BC; a deep-water port with concentrate shipping infrastructure and is roughly 40 kilometres by road from both paved highway access and the Northwest Transmission Line. This relative proximity to existing power and transport corridors is a material advantage in a region where infrastructure costs frequently challenge project economics.

All Known Questions Answered, with President & CEO, Joe Ovesenek

The Gold Storm Deposit: Scale & Grade

The Gold Storm deposit is the core asset within Treaty Creek and the basis for the company's investment thesis. A resource update released approximately three weeks prior to this presentation restructured the estimate into three clearly defined zones: an upper zone (predominantly gold), a central zone (gold-copper), and a lower zone (predominantly gold).

Resource at a Glance

At a base $50/t NSR cutoff, the deposit contains:

• Indicated resource: 24.9 million ounces of gold at 0.85 g/t, plus copper exceeding 3 billion pounds and approximately 200 million ounces of silver
• Inferred resource: 4 million ounces of gold at 1.43 g/t

Crucially, the resource also contains higher-grade subsets that management views as the foundation for near-term production:

• At $125/t NSR cutoff: approximately 8.4 million combined ounces at roughly 2.5 g/t gold
• At $175/t NSR cutoff: approximately 5.8 million combined ounces at roughly 2.8 g/t gold

"What really gets us excited at Tudor Gold is not only do we have this large bulk tonnage gold resource, but within that resource, we actually have some higher grade mineralization in that 2.5 to 4 gram range. That's what we feel is what really sets our Treaty Creek project apart from a lot of the other big gold resource discoveries in the last while."

The presence of meaningful higher-grade material embedded within a large-scale resource gives Tudor Gold optionality that many pure bulk-tonnage peers lack: the ability to prioritise a smaller, faster-to-production underground mine without abandoning the longer-term upside of the full deposit.

Infrastructure & Location Advantages

The Golden Triangle has a well-established reputation for challenging logistics, but Treaty Creek benefits from conditions considerably better than many of its regional peers. Management drew a pointed comparison to the Brucejack mine, a project the same team discovered and built, which required a 75-kilometre road, 12 kilometres of which crossed a glacier, along with 57 kilometres of transmission line supported by helicopter operations.

Treaty Creek's position, by contrast, offers approximately 40 kilometres of road to connect to both the paved highway and the Northwest Transmission Line, with no glacier crossings required. The transmission line can be constructed alongside the road corridor, reducing helicopter dependence and associated costs substantially.

Concentrate produced at Treaty Creek would travel approximately 250 kilometres by road to Stewart, BC, where deep-water port facilities can receive bulk material and load it onto vessels for global distribution - a logistics chain well understood by the team from previous project experience.

Strategic Positioning: Gateway to the Gold Copper District

Tudor Gold characterises Treaty Creek as the gateway to a broader gold-copper district that includes Seabridge Gold's KSM project, one of the largest undeveloped gold-copper systems in the world. Seabridge holds five deposits to the southwest of Treaty Creek's claim package, while its proposed mill facility is located to the northeast, directly adjacent to Tudor Gold's boundary.

Management's contention is straightforward: any development corridor connecting KSM's deposits to a milling facility would necessarily pass through or alongside the Gold Storm deposit. This positioning creates strategic leverage that could become relevant as the broader district evolves toward development, potentially making Treaty Creek a key infrastructure hub rather than simply another standalone project.

Mining Strategy: Three Scenarios, One Near-Term Priority

Tudor Gold has articulated three distinct production scenarios, each representing a different phase of what management envisions as a staged development sequence:

• ‍Scenario 1: High-Grade Underground Starter Mine (Near-Term Focus): The immediate priority is defining and developing a high-grade underground mine targeting material at approximately 3 g/t gold or better - the subset visible in the $175/t NSR cutoff analysis. Management is targeting an operation processing 8,000-10,000 tonnes per day, producing approximately 250,000-300,000 ounces of gold annually, with capital expenditure estimated at $1-1.5 billion. This scenario is considered achievable on a timeline Tudor Gold can execute without requiring a major mining company to co-develop the asset. It is the foundation of the summer 2026 PEA target.‍
• Scenario 2: Ultra-High-Grade SC1 Zone: The SC1 zone, located 600-900 metres below surface depending on the area, shows gold grades in the 8-10 g/t range. Management believes underground drilling could reveal a high-grade starter scenario that produces at premium margins for the first several years of operation, retiring capital costs ahead of a transition to the broader 3 g/t material.‍
• Scenario 3: Full Bulk Tonnage Development: The complete 24.9 million indicated ounce resource would require mining 150,000-175,000 tonnes per day at an estimated capital cost of approximately $10 billion. Management is candid that this scenario would require a major mining company partner and is not something Tudor Gold would pursue independently. However, it represents the long-term value ceiling of the asset.

"If Treaty Creek and the Gold Storm deposit was just your typical big bulk tonnage deposit, you would only have the bottom scenario where we'd have to wait for somebody to come in and help us build a mine. So having that grade is really what sets us apart."

Near-Term Catalysts & Development Timeline

• Underground Exploration Ramp Permitting: Tudor Gold is in the permitting process for an underground exploration ramp at the Gold Storm deposit. The rationale is straightforward: surface drilling is limited to four to five months per year due to weather and snow conditions. An underground ramp would enable year-round drilling at the infill spacing required for underground mine planning, while allowing the team to access and test the SC1 zone at depth.
• Metallurgy - Target: End of Q1 2026: Metallurgical testing is underway across all three zones of the deposit, with results expected by the end of March 2026, with modest potential for a slight extension into April. The study will characterise the processing behaviour of the upper, central, and lower zones separately, providing zone-specific data to underpin the mine plan.
• Mine Plan - Target: End of Q1 2026: A mine plan is being developed concurrently, focused on the higher-grade $175/t NSR cutoff material. The plan will define how the geometrically distinct blobs of higher-grade mineralisation - visible in the cutoff visualisations - can be mined efficiently in an underground setting
• Preliminary Economic Assessment - Target: Summer 2026: Combining the metallurgy and mine plan, Tudor Gold is targeting completion of a PEA by mid-2026. This will be the pivotal de-risking milestone: converting a large resource into a credible, costed production scenario with defined capital requirements, operating costs, and project economics.
• Summer 2026 Exploration Program: In parallel with the engineering work, a $15 million exploration program will target three prospective zones on the property: CBS, Eureka, and Perfect Storm. The initial target is a maiden resource of at least 5 million gold ounces from one or more of these zones, with management noting that the property has the geological potential to host multiple additional world-class deposits.

Management Team

The Tudor Gold management team of five has worked together previously, first at Silver Standard Resources and subsequently at Pretium Resources, and includes individuals who were involved in the discovery and construction of the Brucejack mine, now one of British Columbia's highest-grade operating gold mines.

This shared track record is material for investors assessing execution risk. Building a mine in the Golden Triangle requires navigating difficult terrain, complex permitting, First Nations relationships, and demanding weather conditions. The team has done it before in a comparable jurisdiction and is applying the same operational philosophy at Treaty Creek.

Capital Structure & Key Shareholders

Tudor Gold has approximately 400 million shares outstanding. Eric Sprott, one of the most widely followed gold sector investors in North America, holds approximately 14% of the company and has participated in multiple financing rounds, a meaningful signal of conviction from an investor with an extensive track record in precious metals equities.

The company has analyst coverage from Roth Capital and Roth Research Capital.

Regulatory & First Nations Context

British Columbia has in recent years positioned itself as a jurisdiction actively supportive of responsible mining development. Management characterises the provincial government as aligned with mining as a component of BC's economic future and notes that the First Nations communities in the Treaty Creek region are commercially oriented - willing to support projects that meet environmental and community standards, and that contribute meaningfully to their economic interests.

The Investment Thesis for Tudor Gold

Tudor Gold presents a multi-layered opportunity within the gold sector, underpinned by a genuinely large and high-quality resource that is now being systematically advanced toward a production decision.

• Scale with grade optionality: The Gold Storm deposit is large enough to underpin multiple development scenarios, but it is the embedded high-grade material, at 2.5-4 g/t within a broader bulk tonnage system, that creates the near-term production pathway. Few gold discoveries of this scale also offer a viable standalone underground mine.
• Experienced team with a relevant track record: The Brucejack discovery and construction provides direct precedent for what this management team can deliver in the Golden Triangle. Execution risk, always present in junior mining, is reduced by demonstrated prior performance in the same region.
• Defined catalyst timeline: The combination of metallurgy, mine plan, and PEA, all targeted for delivery by mid-2026, provides a clear sequence of value-creating milestones. Each delivers incremental de-risking and should narrow the valuation gap between resource and project economics.
• Strategic land position: Sitting between Seabridge Gold's KSM deposits and the proposed KSM mill corridor creates optionality beyond standalone development, whether through infrastructure sharing, joint venture, or acquisition premium from a larger operator seeking to rationalise the district.
• Exploration upside: A $15 million exploration program targeting three additional zones on an underexplored property, with the stated goal of a 5 million ounce initial discovery, means that the current resource may represent only a fraction of the eventual district-wide inventory.
• Eric Sprott ownership: Institutional conviction at the 14% level from a gold sector specialist investor with a long track record in precious metals equities provides a credible third-party endorsement of the asset quality and management capability.

The core risk factors are consistent with the junior mining sector: permitting timelines, capital markets access for a project-stage company, commodity price sensitivity, and the execution risk inherent in advancing a project through technical studies toward a production decision in a remote location. Investors should weigh these against the scale and quality of the underlying asset.

TL;DR

Tudor Gold is advancing a 25-million-ounce-plus gold project in BC's Golden Triangle toward a 2026 PEA, with a credible path to production through a high-grade underground mine. The project offers three distinct production scenarios and sits at the strategic gateway to a broader gold-copper district. Key near-term catalysts include completion of metallurgy, a mine plan, and a PEA targeting summer 2026.

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